UPDATE: Citigroup Raises Target on Transocean to $65

Citigroup increases its price target $3 to $65 on Transocean

to reflect an improving floater market. Citigroup says, "Several new contracts in today's fleet status report provided further evidence of an improving trend in offshore dayrates. Three floaters were awarded contracts at progressively higher rates, including an encouraging $650K/day on the Deepwater Expedition. Although downtime negatively impacted our 2012 EPS estimate, the higher Expedition dayrate increased our above-consensus EPS estimates in 2013 and 2014." RIG closed at $56.14 a share on Thursday.