Seadrill sinks as Credit Suisse downgrades, cuts target to $30 from $40

|About: Seadrill Limited (SDRL)|By:, SA News Editor

Seadrill (SDRL) -2.4% premarket after Credit Suisse downgrades shares to Neutral from Outperform and cuts its price target to $30 from $40.

The firm believes SDRL misjudged the market with the amount of new rigs it built that have not been contracted, and that too much funding uncertainty exists amid a backdrop of high debt repayments and softening dayfloater rates.