Citi Upgrades Transocean (RIG) to Buy

Citi upgraded Transocean (NYSE: RIG) from Neutral to Buy with a price target of $14.00 (from $8.80).

Analyst Scott Gruber upgrades the stock as part of pairs trade with Diamond Offshore Drilling (NYSE: DO) which Street Insider reported earlier was downgraded to Sell. The analyst comments "After prior decisions drove initial underperformance through the downturn, the gap has started to reverse under new management, but should have further to run in either a bullish or bearish outcome."

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 $10.61 yesterday.

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