UPDATE: Deutsche Bank Initiates Seadrill at Buy on Quality, Diversification
Deutsche Bank initiated coverage on Seadrill (NYSE: SDRL) with a Buy rating and a $41 price target.
Deutsche Bank commented, "SDRL is a unique play on both strong near-term fundamentals and one of the best secular growth stories in the industry (high spec and deepwater assets). With a fleet of 67 rigs, SDRL has one of the highest quality and most diversified fleets in the industry. While we see relatively modest upside in the shares, SDRL's significant yield is likely to remain attractive and the total return potential supports our BUY case."
Seadrill closed at $39.36 on Monday.
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