Morgan Stanley Starts Diamond Offshore (DO) at Underweight

Morgan Stanley analyst Connor Lynagh initiates coverage on Diamond Offshore (NYSE: DO) with a Underweight rating and a price target of $15.00.

The analyst raises his Oil Services, Drilling & Equipment view to Attractive (from In-line) on increasing visibility on broadening global capex upcycle. The analyst comes out negative on the name citing limited upside to the current valuation as the premium appears "somewhat too significant" to peers. He sees better return potential elsewhere in the group.

For an analyst ratings summary and ratings history on Diamond Offshore click here. For more ratings news on Diamond Offshore click here.

Shares of Diamond Offshore closed at $17.73 yesterday.

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