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

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Transocean's Interesting Move (Seeking Alpha)

Clarkston Capital Markets raised its rating on Transocean (NYSE: RIG) 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.

Latest Ratings for RIG

DateFirmActionFromTo
Jul 2016Wells FargoUpgradesUnderperformMarket Perform
Jun 2016Evercore ISI GroupUpgradesSellHold
May 2016CitigroupMaintainsSell

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Posted-In: Clarkston Capital MarketsAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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