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Raymond James Ups Dawson Geophysical

Raymond James ups oil-exploration company Dawson Geophysical (DWSN) to outperform from market perform.

Analyst J. Marshall Adkins says increased demand for Dawson Geophysical's 3-D high-resolution seismic surveys, expanded operations, modest price increases, and increased revenue for lost time due to weather helped drive results.

He says strong demand drove Dawson Geophysical to use all of its eight crews during the quarter, as well as its recently added ninth crew for the month of September. He notes a tenth seismic crew will be fielded in January 2005 and thinks the company will have no trouble achieving near full utilization of these crews.

Adkins raises his $1.15 2004 earnings-per-share estimate to $1.24, his $1.50 2005 earnings-per-share estimate to $1.75, and sees $2.00 for 2006. He has a $35 target.

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