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Fly News Breaks for June 10, 2019
DO
Jun 10, 2019 | 08:10 EDT
BofA/Merrill analyst Chase Mulvehill reinstated coverage of Diamond Offshore with an Underperform rating and $5 price target, saying that while Diamond's strategy to differentiate through technology and exploit niche markets likely tops the offshore drillers under coverage, ultimately he says he "struggles" to arrive at sustainable free cash flow and valuation is challenged. Mulvehill tells investors in a research note that the opportunity for free cash flow is "short-lived," and says second quarter consensus estimates could be too high.
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