Citi Downgrades Pride International (PDE) to Sell

January 7, 2009 8:06 AM EST

Citi downgrades Pride International Inc (NYSE: PDE) from Hold to Sell. Price target lowered from $20 to $17.

Citi analyst says, "We have lowered our rating on Hercules Offshore (Nasdaq: HERO) and PDE to Sell from Hold based on their high exposures to the Gulf of Mexico market, and the more severe declines we
see ahead in day rates for mat supported jack-up rigs. Both PDE and HERO have rebounded sharply in the early days of 2009 and are up 21% and 20% respectively through January 6th. We would use this bounce to sell the stocks and reduce exposure to the commodity jack-up market in the USGOM."

Pride International, Inc. (Pride) is an offshore drilling contractor operating, as of February 27, 2008, a fleet of 64 rigs, consisting of two deepwater drillships, 12 semisubmersible rigs, 28 jackups, 10 platform rigs, five managed deepwater drilling rigs and seven Eastern Hemisphere-based land drilling rigs.

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