Diamond Offshore downgraded to Neutral from Buy at UBS UBS has concerns near-term about the substantial amount of newbuild rigs that will be delivered and the impact on dayrate growth in the floater market. The firm expects modest multiple pressure for the group and as result downgraded Diamond Offshore (DO), Ensco (ESV), Noble Corp. (NE), and Transocean (RIG) to Neutral from Buy. Diaomond Offshore price target lowered to $68 from $75.
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