UPDATE: Global Hunter Lowers PT on Diamond Offshore Drilling to $71

Global Hunter is out with its report today on Diamond Offshore Drilling DO, lowering its PT from $72 to $71. In a note to clients, Global Hunter writes, "We apply a 6.2x multiple to our 2012 EBITDA of $1.67 billion for our price target of $71, which is down slightly from our prior target of $72. We believe the stock remains fairly valued relative to our $71 price target and we remain Neutral on the name." At the time of posting, shares of DO were trading pre-market at $70.98, up 0.47% from Tuesday's close.