UPDATE: BofA/Merrill Lynch Reinstates Transocean (RIG) at Neutral

(updated to add analyst name, price target and comment)

BofA/Merrill Lynch analyst Chase Mulvehill reinstates coverage on Transocean (NYSE: RIG) with a Neutral rating, price target $6.50.

The analyst believes peer-leading backlog will be unable to drive FCF.

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 $6.09 yesterday.

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