Global Hunter Securities Upgrades Transocean (RIG) to Buy; Not Living In The Past
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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: 5 | New: 26
Rating Summary:
12 Buy, 17 Hold, 14 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Global Hunter Securities upgraded Transocean (NYSE: RIG) from Neutral to Buy with a price target of $70.00.
Analyst, Brian Uhlmer, said, "While RIG has performed well recently, we wanted to ensure that the operational capabilities of the company would not embarrass investors with substantial downtime moving forward prior to reassessing our rating to reflect the strong macro fundamentals that should benefit RIG, likely more than its peer group. While there are still many rigs left to be cycled through the yard, we feel that incrementally the business will perform up to its previous standards set. After our trip to IADC last week and discussions with engineers, project managers and other industry experts we are now confident in the call to own the stock as a true fundamental long-term holding and are thus upgrading to Buy."
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 $56.14 yesterday.
Analyst, Brian Uhlmer, said, "While RIG has performed well recently, we wanted to ensure that the operational capabilities of the company would not embarrass investors with substantial downtime moving forward prior to reassessing our rating to reflect the strong macro fundamentals that should benefit RIG, likely more than its peer group. While there are still many rigs left to be cycled through the yard, we feel that incrementally the business will perform up to its previous standards set. After our trip to IADC last week and discussions with engineers, project managers and other industry experts we are now confident in the call to own the stock as a true fundamental long-term holding and are thus upgrading to Buy."
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 $56.14 yesterday.
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