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UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Diamond Offshore Drilling on 4Q12 Earnings

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In a report published Wednesday, Jefferies reiterated its Hold rating on Diamond Offshore Drilling (NYSE: DO), and raised its price target from $73.00 to $75.00.

Jefferies noted, “Although we have seen few recent datapoints for ‘mid-tier' (deep, midwater) assets, commentary supported our view that fundamentals are more-or-less intact. We lower '13E/'14E EPS by 11% & 8% mostly on downtime, but in light of peers' opex challenges, we're encouraged by guidance that could have been higher given the additional downtime. That said, shares trade near fair value and we selectively find value elsewhere in offshore.”

Diamond Offshore Drilling closed on Tuesday at $73.58.

Posted-In: JefferiesAnalyst Color Price Target Analyst Ratings

 

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