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Transocean Ltd. Message Board

  • jimturner54321 jimturner54321 Apr 17, 2014 10:33 AM Flag

    RIG was upgraded to "hold" from "sell" by Deutsche Bank Monday.

    RIG was upgraded to "hold" from "sell" by Deutsche Bank Monday.

    Transocean gained 0.8% to $39.77 in morning trading.

    The firm set a price target of $45 for the offshore drilling company. The upgrade is a value call, as the sector has underperformed for so long.

    "The offshore drilling group has underperformed for most of 2013 and into this year as the market downturn has weighed on the group as supply growth continues at a rapid clip," analysts Mike Urban and Jason Bandel wrote. "We are upgrading RIG to a HOLD rating from SELL as its backlog remains strong, the stock feels like its technically over-sold and it has some potential near-term catalysts with self-help initiatives and improved return to shareholders/ progress on an MLP. That said, the backdrop remains challenging and we still expect new build rates and the jackup market to roll lower later this year which is likely to temper any enthusiasm."

10.32+0.29(+2.89%)Oct 26 4:02 PMEDT