UPDATE: Clarkston Capital Markets Upgrades Transocean to Outperform; Overhangs Dissipating

Clarkston Capital Markets raised its rating on Transocean

from Market Perform to Outperform and increased its price target from $55 to $59. Clarkston Capital Markets commented, "We believe that we are near an inflection point with respect to Transocean, and that it is time to get constructive on the name. While Macondo remains as the main exogenous overhang, other uncertainties which stood in the way of unlocking value are now in the rear view mirror. Namely, the plan to sell its standard jack-up fleet, and the dispute in Brazil over the Frade spill." Transocean closed at $46.27 on Friday.