UPDATE: Credit Suisse Downgrades Diamond Offshore Drilling at Neutral on Risk/Reward

Credit Suisse downgraded Diamond Offshore Drilling, Inc. (NYSE: DO) from Outperform to Neutral and lowered the price target from $82.00 to $77.00.

Credit Suisse noted, "While DO has been a stellar performer (still yielding 4.8%) we believe the upside/downside skew is balanced. Bifurcation in the floater market is becoming more of a concern and midwater Brazil exposure should result in increased mobilization/downtime. We are reducing our 2013 EPS estimate to $4.74 (from 5.33) to account for potential higher downtime. We are also lowering our 2014 EPS estimate to $6.79 (from $8.67)."

Diamond Offshore Drilling closed at $73.35 on Friday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.