Global Hunter Securities Upgrades Transocean (RIG) to Neutral
Get Alerts RIG Hot Sheet
Rating Summary:
16 Buy, 12 Hold, 14 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 8
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Updated at 10:45 AM)
Global Hunter Securities upgraded Transocean (NYSE: RIG) from Reduce to Neutral.
"We believe, to a larger extent than we had previously considered, that RIG has the ability to significantly reduce risk exposure and manage cash flows even through a potentially prolonged downturn (extending into 2017 or beyond). We see RIG as poised to emerge from the current market stagnation with a smaller fleet (we assume 22 floaters are stacked or scrapped), but one that is also more concentrated in the relatively scarce asset classes," said analyst Mark Brown.
"We believe the upcoming CEO announcement could provide an opportunity for RIG to take financing steps to fortify its liquidity and lower ongoing risk. We are upgrading our investment rating on RIG to Neutral from Reduce and leaving our price target unchanged at $14.," he added.
For an analyst ratings summary and ratings history on Transocean click here. For more ratings news on Transocean click here.
Shares of Transocean closed at $14.49 yesterday.
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