Diamond Offshore price target raised to $22 from $21 at Barclays

Barclays analyst Eddie Kim raised the firm’s price target on Diamond Offshore to $22 from $21 and keeps an Overweight rating on the shares post the Q1 report. The message from the offshore drillers was clear – despite timing on some Petrobras contracts being pushed out a quarter or two, day rates for high-spec 7G drill ships are expected to grind higher this year and next, the analyst tells investors in a research note.