Transocean price target raised to $12 from $10 at BTIG

BTIG analyst Gregory Lewis raised the firm’s price target on Transocean to $12 from $10 and keeps a Buy rating on the shares. The pendulum has swung sharply back in favor of the drilling companies as rig availability has become an increasing concern for customers as they look to plan their development and exploration drilling programs over the next few years, the analyst tells investors in a research note.