Seaport Global Securities Downgrades Diamond Offshore (DO) to Neutral
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Seaport Global Securities downgraded Diamond Offshore (NYSE: DO) from Accumulate to Neutral and maintains its $17 price target.
Analyst Mark Brown commented, "We maintain our price target of $17 on DO based on a 9.3x multiple on our 2018 EBITDA. The stock price has increased recently to $16.76 as of yesterday’s close and is now only marginally below our unchanged price target, hence we reduce our rating to Neutral (from Accumulate) to reflect that we now consider the shares fairly valued. Our EBITDA estimates are 6% below consensus in 2017 and 7% below consensus in 2018."
Shares of Diamond Offshore closed at $16.76 yesterday.
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