Global Hunter Securities Lowers PT on Diamond Offshore (DO); In-line Quarter, but Downtime Weighs on Stock

Global Hunter Securities maintains a 'Neutral' on Diamond Offshore (NYSE: DO) price target lowered from $71 to $68.

Global analyst says, "DO reported EPS of $1.92, in line with consensus expectations, but the stock reacted negatively to the prospects of more downtime for the company's older fleet going forward. The fleet status update highlighted nearly $1B backlog addition, but near-term utilization softness and rate uncertainty weighed on the stock. Furthermore, no clear use of cash to fund earnings growth is evident. We are trimming our price target to $68."

For more ratings news on Diamond Offshore click here and for the rating history of Diamond Offshore click here.

Shares of Diamond Offshore closed at $70.21 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
• Is the global equity rally broadening? UBS weighs in
• Morgan Stanley course-corrects their semiconductor equipment outlook on demand