UBS Maintains a 'Buy' on Transocean (RIG); Offshore Demand Exceeding Supply
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Price: $5.76 +0.70%
Rating Summary:
12 Buy, 17 Hold, 14 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
12 Buy, 17 Hold, 14 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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UBS maintains a 'Buy' on Transocean (NYSE: RIG) price target from $62 to $70.
Analyst, Angie Sedita, said, "Offshore rig demand continues to exceed rig supply across all rig classes, particularly the ultradeepwater market. We expect dayrates to continue to trend higher across all rig classes and the reactivation of several stacked rigs, given strong demand. Key for Transocean will be operating expenses and rig downtime to trend lower through 2012 and into 2013, which we expect will occur. Given the positive industry fundamentals, coupled with upside to our EPS estimates as the company completes its BOP recertification program, we continue our rating."
UBS raises FY12 EPS estimate from $2.80 to $2.88 and FY13 from $5.12 to $5.52.
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 $50.27 yesterday.
Analyst, Angie Sedita, said, "Offshore rig demand continues to exceed rig supply across all rig classes, particularly the ultradeepwater market. We expect dayrates to continue to trend higher across all rig classes and the reactivation of several stacked rigs, given strong demand. Key for Transocean will be operating expenses and rig downtime to trend lower through 2012 and into 2013, which we expect will occur. Given the positive industry fundamentals, coupled with upside to our EPS estimates as the company completes its BOP recertification program, we continue our rating."
UBS raises FY12 EPS estimate from $2.80 to $2.88 and FY13 from $5.12 to $5.52.
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 $50.27 yesterday.
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