Barclays analyst J. David Anderson double upgraded Diamond Offshore Drilling to Overweight from Underweight while lowering his price target for the shares to $12 from $14. The analyst says that while it has been a while since he's recommended owning the offshore oilfield service names, after almost five years of a downturn, a "transformed" offshore industry is "starting to emerge." He expects 2019 to be a transition year with 2020 "setting up to be the start of a multi-year growth trajectory." He views shares of Diamond Offshore as undervalued at current levels.