Morgan Stanley raised the firm’s price target on Transocean to $6 from $5 and keeps an Equal Weight rating on the shares. The revisions to the firm’s macro assumptions for assets classes in Transocean’s active fleet are either about unchanged or slightly higher, but the company recently disclosed plans for two material assets sales so the firm lowered its 2024-26 EBITDA estimates by about 2%, on average. However, excluding the impact of these divestitures, the firm notes that its 2025-26 forecasts have actually increased slightly.
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