Goldman Sachs Starts Diamond Offshore (DO) at Sell

Goldman Sachs initiates coverage on Diamond Offshore (NYSE: DO) with a Sell rating and $70 price target.

The firm notes the company has not invested as heavily in its rig fleet as was needed in the past five year. At this point, 72% of the company's marketed floaters are over 20 years old and risk obsolescence in the coming years, Goldman said. The company now has three rigs on order, which should improve the fleet quality when deviled.

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 $60.41 yesterday.

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