Citi Reiterates Buy Rating, $97 PT On RIG

Following meetings with management, Citi is reiterating its Buy rating and $97 PT on Transocean Ltd. RIG. “Management is bullish on a near-term GOM recovery,” Citi writes. Of its 13 rigs in the GOM, seven are on full rate, four are on a slightly lower standby rate, and two are on a special standby rate. “In 2H11, oil companies are likely to bring rigs into the GOM rather than export them to other regions. All of its rigs are likely to be operating at full day rate by the end of 2011.” Transocean closed Tuesday at $80.05.