Diamond Offshore upgraded at Global Hunter, market sentiment too one-sided


Diamond Offshore (DO +1.8%) is upgraded to Neutral from Sell with a $48 price target, up from $37, at Global Hunter.

The firm thinks market sentiment has become too one-sided against the stock even as it says it understands the bearish case: DO has an aging fleet, its 2014 rig turnover is high, contracting activity has lapsed, and Petrobras remains a source of frustration.

Still, Global Hunter believes these points are widely accepted and that potential balancing factors are disregarded.

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