Global Hunter Securities Upgrades Transocean (RIG) to Reduce; Stuck in No Man's Land?
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Price: $5.92 -1.5%
Rating Summary:
12 Buy, 17 Hold, 14 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Rating Summary:
12 Buy, 17 Hold, 14 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
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Global Hunter Securities upgraded Transocean (NYSE: RIG) from Sell to Reduce with a price target of $46.00.
Global analyst says, "We are increasing our rating on RIG to Reduce, still expecting it to underperform peers until it produces sustainable revenue utilization improvement and slows cost creep. We are tweaking our price target to $46 based on 10x our 2013 EPS estimates of $4.60. For investors considering stepping in to the stock after this pullback, we are wary of how much of the increased costs and out-of-service-time are transitory issues and how much will be ongoing. As inspection and maintenance times are increasing, we think the majority of the costs continue into 1H 2013 and thus keep RIG, and others with lower-tier equipment, as underperformers."
For more ratings news on Transocean click here and for the rating history of Transocean click here.
Shares of Transocean closed at $49.00 yesterday.
Global analyst says, "We are increasing our rating on RIG to Reduce, still expecting it to underperform peers until it produces sustainable revenue utilization improvement and slows cost creep. We are tweaking our price target to $46 based on 10x our 2013 EPS estimates of $4.60. For investors considering stepping in to the stock after this pullback, we are wary of how much of the increased costs and out-of-service-time are transitory issues and how much will be ongoing. As inspection and maintenance times are increasing, we think the majority of the costs continue into 1H 2013 and thus keep RIG, and others with lower-tier equipment, as underperformers."
For more ratings news on Transocean click here and for the rating history of Transocean click here.
Shares of Transocean closed at $49.00 yesterday.
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