Credit Suisse Upgrades Transocean (RIG) to Neutral
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Credit Suisse upgraded Transocean (NYSE: RIG) from Underperform to Neutral with a price target of $8.00 (from $5.00).
Analyst Gregory Lewis commented, "While RIG still has a lot of work to do, management has been extending duration, and more importantly we expect RIGs diverse footprint and relationships to drive more work its way (RIG has won ~25% of floater rig years tendered YTD)."
Shares of Transocean closed at $9.65 yesterday.
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