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Fly News Breaks for June 10, 2019
ESV
Jun 10, 2019 | 08:12 EDT
BofA/Merrill analyst Chase Mulvehill reinstated coverage of Ensco Rowan with an Underperform rating and $7 price target. In a research note to investors, Mulvehill says the merger with Rowan created the the largest, most diverse offshore driller, but says his "less sanguine" floater market outlook, along with high debt levels, does not lend itself to any free cash flow between now and year-end 2021. The analyst expects further underperformance for shares without any line of sight to deleveraging the balance sheet.
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