Deutsche Bank Upgrades Transocean (RIG) to Hold
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Deutsche Bank upgrades Transocean (NYSE: RIG) from Sell to Hold with a $127 price target, citing valuation.
Transocean closed at $122.27 on Friday with a $104.51 - $163.00 52-week range.
The firm said, "Given the significant absolute decline and relative underperformance in recent months, we believe the expectations embedded in the stock are more realistic. Additionally we believe RIG's substantial backlog and visibility on cash flow provide some defensive qualities in the current challenging market environment."
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