Susquehanna upgraded Transocean to Positive from Neutral with a price target of $9, up from $5.50. The analyst says favorable crude prices support international, and particularly offshore, activity growth heading into the Q1 oilfield services earnings reports. Higher crude prices could stimulate some U.S. activity a bit more quickly, the analyst tells investors in a research note. The firm cites rising demand for the ultra-deepwater market, supply constraints, and pricing momentum for the upgrade of Transocean.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RIG:
- Transocean call volume above normal and directionally bullish
- Unusually active option classes on open April 2nd
- Transocean Secures $195 Million Gulf of Mexico Contract Extension
- Transocean announces $195M deepwater drillship contract
- Transocean Ltd. Announces $195 Million Ultra-Deepwater Drillship Contract
