Citi upgraded Transocean shares to buy from neutral, citing its favorable position geographically and in terms of rig reactivation.
It's time to buy shares of Transocean , according to Citi. The bank upgraded the offshore driller to buy from neutral in a Wednesday note. It also raised its price target to $9.50 from $6.50, which implies shares rallying 36.3% from where they closed on Monday. U.S. markets were closed Tuesday due to the Fourth of July holiday.
"Although our outlook for harsh environment rig demand is less favorable than ultra-deepwater rig demand given the lower activity levels in the North Sea and Norway, we do not view RIG's HE rig exposure as a material negative given that these rigs are able to perform UDW drilling work and can be mobilized to meet incremental demand.
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