UPDATE: Jefferies Lowers PT on Transocean Following CEO/CFO Meetings
In a report published Friday, Jefferies analyst Brad Handler reiterated a Hold rating on Transocean (NYSE: RIG), but lowered the price target from $60.00 to $59.00.
In the report, Jefferies noted, “Meetings with RIG's CEO and CFO were incrementally positive, as we (1) are more confident about the long-term cost savings potential (beyond onshore bases), (2) sensed a little more growth focus and (3) saw a little more clearly how an MLP drop down could look. That said, none of these positives likely result in any near-term change, and the potential for some near-term market choppiness does not inspire.”
Transocean closed on Thursday at $51.72.
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