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UPDATE: Credit Suisse Reiterates On Seadrill On Dividend Suspension

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In a report published Monday, Credit Suisse analyst Gregory Lewis reiterated a Neutral rating on Seadrill Ltd (NYSE: SDRL), but lowered the price target from $20.00 to $15.00.

In the report, Credit Suisse noted, “With the suspension of the dividend, SDRL is now the only deepwater offshore driller not paying a dividend. It will not be alone for long. We are maintaining our Neutral rating – not much else bad can happen at this point, but are lowering our target price to $15. Our $15 target price is 6x our 2016 EBITDA estimate. While a discount to the peer average – we believe a discount is warranted given SDRL's above average leverage (~56% and rising) and no dividend.”

Seadrill closed on Friday at $12.32.

Latest Ratings for SDRL

DateFirmActionFromTo
Aug 2019BTIG ResearchDowngradesBuyNeutral
Oct 2018BTIG ResearchInitiates Coverage OnBuy
Jul 2016Morgan StanleyDowngradesOverweightEqual-Weight

View More Analyst Ratings for SDRL
View the Latest Analyst Ratings

 

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Posted-In: Credit Suisse Gregory LewisAnalyst Color Price Target Analyst Ratings

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