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Pacific Drilling (PACD +2.2%) is initiated with a Buy rating and $12.50 target price at Dahlman...

Pacific Drilling (PACD +2.2%) is initiated with a Buy rating and $12.50 target price at Dahlman Rose, which says PACD is a pure-play ultra-deepwater driller with one of the world's youngest and most capable fleets. The UDW market "has tightened considerably and has been effectively running at 100% utilization since the middle of 2011," the firm says.
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