Deutsche Bank Downgrades Seadrill Ltd. (SDRL) to Hold, See Dayrates Flattening

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Deutsche Bank downgraded Seadrill Ltd. (NYSE: SDRL) from Buy to Hold with a price target of $37.00 (from $41.00).

The firm comments, "We are adjusting our SDRL estimates to reflect yesterday's earnings release and fleet status report as well as our updated cost assumptions. Our 2012, 2013 and 2014 estimates go to $2.41, $3.10 and $3.55 from $2.78, $3.15 and $3.60, respectively. Although offshore demand remains strong and SDRL’s high-quality asset base and yield remain attractive, we see dayrates flattening even as costs rise which takes our rating to HOLD from BUY."

For an analyst ratings summary and ratings history on Seadrill Ltd. click here. For more ratings news on Seadrill Ltd. click here.

Shares of Seadrill Ltd. closed at $38.46 yesterday, with a 52 week range of $31.37-$42.34.

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