J.P. Morgan Cuts Offshore Drillers

Analysts at J.P. Morgan Chase confirmed that the company has cut its earnings and price targets for many offshore companies such as Diamond Offshore , Ensco Plc. , Noble Corp. , Pride International Inc. , and Transocean Ltd..

Analysts are quoted saying:

“While shares of Transocean are increasingly attractive, we still see downside risk. Instead, we would use market weakness as an opportunity to own Halliburton and Schlumberger.”

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