Goldman Sachs Upgrades Transocean (RIG) to Neutral, Expectations Too Low
Tweet Send to a Friend
Get Alerts RIG Hot Sheet
Price: $49.65 +0.73%
Rating Summary:
18 Buy, 15 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Rating Summary:
18 Buy, 15 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Trade RIG Now!
Goldman Sachs upgraded Transocean (NYSE: RIG) from Sell to Neutral with a price target of $54.00 (from $52.00), following "noteworthy underperformance" among its offshore drilling peers and the broader oilfield services sector.
"We still acknowledge that RIG operates one of the oldest fleets in the industry and will likely continue to face downtime and cost issues, but think that risk-reward has recently come more into balance for the stock, especially as we expect the company to beat consensus estimates in 3Q12E."
Goldman is no 14% above consensus in our 3Q12E EPS estimates. "We believe that the consensus estimates for the quarter may be too low and, therefore, we raise the stock to Neutral from Sell."
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 $46.87 yesterday, with a 52 week range of $38.21-$60.09.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
"We still acknowledge that RIG operates one of the oldest fleets in the industry and will likely continue to face downtime and cost issues, but think that risk-reward has recently come more into balance for the stock, especially as we expect the company to beat consensus estimates in 3Q12E."
Goldman is no 14% above consensus in our 3Q12E EPS estimates. "We believe that the consensus estimates for the quarter may be too low and, therefore, we raise the stock to Neutral from Sell."
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 $46.87 yesterday, with a 52 week range of $38.21-$60.09.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: Oppenheimer Upgrades GameStop (GME) to Outperform
- Terex (TEX) Suffers from Weakness in Europe; Read-Through For Manitowoc (MTW)
- UPDATE: Citi Raises PT on Micron Technology (MU) to $19
Create E-mail Alert Related Categories
Analyst PT Change, Hot Upgrades, UpgradesRelated Entities
Goldman Sachs
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
