Deutsche Bank Upgrades Transocean (RIG) to Hold

Deutsche Bank upgraded Transocean (NYSE: RIG) from Sell to Hold with a price target of $45.00 (unchanged).

Analyst Mike Urban said, "The offshore drilling group has underperformed for most of 2013 and into this year as the market downturn has weighed on the group as supply growth continues at a rapid clip. We are upgrading RIG to a HOLD rating from SELL as its backlog remains strong, the stock feels like its technically over-sold and it has some potential near-term catalysts with self-help initiatives and improved return to shareholders/ progress on an MLP. That said, the backdrop remains challenging and we still expect newbuild rates and the jackup market to roll lower later this year which is likely to temper any enthusiasm."

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 $39.45 yesterday.

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