Deutsche Bank Downgrades Ocean Rig UDW (ORIG) to Hold
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Deutsche Bank downgraded Ocean Rig UDW (NASDAQ: ORIG) from Buy to Hold with a price target of $1.00 (from $4.00).
Analyst Mike Urban commented on the downgrade, saying, "Despite a considerable cash/ liquidity position, ORIG management surprised the market by announcing that restructuring was likely over the next several months. This decision was prompted by prepayments triggered by contract terminations and the restructuring of shipyard commitments with an undercurrent of self-preservation. ORIG has a very high-quality, entirely ultradeepwater fleet and has done a good job on the cost front but with the restructuring likely unfavorable for existing equity holders, we downgrade to HOLD from BUY."
Shares of Ocean Rig UDW closed at $0.80 yesterday.
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