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Transocean upgraded to Neutral from Sell at Goldman; shares down anyway

Published 08/09/2017, 11:58 AM
© Reuters.  Transocean upgraded to Neutral from Sell at Goldman; shares down anyway
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  • Transocean (RIG -3.7%) is sharply lower despite enjoying an upgrade to Neutral from Sell at Goldman Sachs (NYSE:GS), although with a reduced $9.75 price target vs. $11.50 previously.
  • Goldman says RIG has enhanced its balance sheet over the past several months, and the firm now sees leveraged metrics to be relatively better than the peer group in the 2019-20 time frame.
  • Goldman also notes that RIG will now operate as a pure play floater company, a segment that appears to have bottomed out.
  • Offshore drillers are lower across the board: ESV -8.3%, ATW -7.9%, DO -5.1%, RDC -4.2%.
  • Now read: Atwood Oceanics - 3Q'17 Results. Ensco: A Lifeline For Atwood Shareholders


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