Transocean price target raised to $10.50 from $9.50 at Citi

Citi analyst Scott Gruber raised the firm’s price target on Transocean to $10.50 from $9.50 and keeps a Buy rating on the shares. The analyst reduced the company’s fiscal 2024 maintenance capex forecast and incorporated the recently announced KG1 contract along with some inflation. The raised valuation multiple reflects “increased excitement” surrounding Transocean’s potential opportunities in new frontiers, particularly Namibia, being discussed by the majors, the analyst tells investors in a research note.