Transocean price target raised to $6.50 from $5.50 at Citi

Citi analyst Scott Gruber raised the firm’s price target on Transocean to $6.50 from $5.50 and keeps a Neutral rating on the shares. The analyst says Transocean’s fundamentals are "clearly improving" with dayrates increasing across almost all regions. While there’s likely EBITDA growth into 2025 if crude prices remain healthy, the stock’s valuation is fair given the company’s elevated leverage and current macro backdrop, the analyst tells investors in a research note.