Canaccord Genuity Sees Signs of a Turn at Transocean (RIG); Ups Target But Keeps Hold

Canaccord Genuity raised its price target on Transocean (NYSE: RIG) to $60, citing signs of a turnaround although the firm kept their Hold rating.

The firm comments, "Our 2012 EPS estimates decline slightly, mostly on higher interest expense guidance, but RIG's EPS should grow steadily from breakeven levels over the next four quarters. RIG also seems close to a Macondo settlement. We maintain our HOLD rating but increase our target to $60/sh based on our estimated NAV and ~13.0x 2013E EPS."

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 $53.43 yesterday.

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