UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Pacific Drilling SA Following Meltem Delivery

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In a report published Friday, Credit Suisse analyst Gregory Lewis reiterated an Outperform rating on

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Pacific Drilling SA

(NYSE: PACD), but lowered the price target from $10.00 to $8.00.In the report, Credit Suisse noted, “PACD took delivery of the Pacific Meltem, the company's 7th drillship, in late November. PACD took delivery of the Meltem without any work lined up – the market is that bad. We are lowering our target price to $8 (from $10), which is 7x our 2016 EBITDA estimate.”Pacific Drilling SA closed on Thursday at $5.68.