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Deutsche Bank Raises Price Target On Diamond Offshore

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Courtesy of Benzinga.

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On Friday, analysts at Deutsche Bank maintained the Sell rating on shares of Diamond Offshore Drilling Inc (NYSE: DO) and raised the price target from $22 to $31.

Diamond Offshore announced third quarter 2013 financial results on Thursday, reporting EPS of $0.58, missing estimates by 26 percent.

Following the results, Deutsche Bank analysts feel "there is not enough to get us excited."

Mike Urban stated, "Cash flow is set to decline as midwater rigs roll-off contracts into a market that has little demand for them and the newbuild program is not nearly large enough to offset the lost earnings."

Moreover, Urban declares that "DO’s strong balance sheet puts the company in an attractive position to build/ acquire assets but with negative structural free cash flow that liquidity is increasingly likely to be used for (ultimately unsustainable) dividends."

Shares of Diamond Offshore Drilling Inc recently traded at $39.70, up 0.25 percent.

Latest Ratings for DO

Date Firm Action From To
Oct 2014 Nordea Upgrades Strong Sell Sell
Oct 2014 Deutsche Bank Maintains Sell
Oct 2014 FBR Capital Maintains Market Perform

View More Analyst Ratings for DO
View the Latest Analyst Ratings

Posted-In: Deutsche Bank Mike UrbanAnalyst Color Price Target Analyst Ratings

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