UPDATE: Bank Of America Reiterates On Seadrill Ltd. As Macro Environment Remains Weak

In a report published Wednesday, Bank of America analyst Fiona Maclean reiterated a Neutral rating on

, but lowered the price target from $38.00 to $26.50. In the report, Bank of America noted, “The weakness witnessed in demand over the last 12 months is showing no signs of letting up, and the offshore drilling remains an unattractive segment in Global oil services. Coupled with this fall in demand, which started in 4Q13, the situation is likely to worsen as the delivery of newbuild assets peaks in 2015, and many of these rigs are currently uncontracted.” Seadrill Ltd. closed on Tuesday at $24.90.