Transocean (RIG) PT Raised to $11 at Jefferies as Medium-Term Improves Again; Retains Hold Rating
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Jefferies analyst Eduardo Royes raised his price target on Transocean (NYSE: RIG) to $11.00 (from $8.50) but stopped short of upgrading the stock and maintained a Hold rating. The analyst noted the medium-term improves again.
Royes commented, "Opex continues to impress- although some of the reduction likely reflects deferred maintenance, we lower our overall daily per rig cost 'starting point' again. We raise medium-term estimates on this (and with help from lower capex, our PT rises to $11), but remain mindful of the possible bigger step-up in opex from even a modest 'recovery' year in 2018. Further, value is constrained by a weaker normalized profile."
Shares of Transocean closed at $9.87 yesterday.
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