Transocean Cut To Underweight At J.P. Morgan (RIG)

J.P.Morgan Chase & Co is cutting its rating on shares of Transocean RIG to Underweight from Neutral, after the rig operator's stock rallied sharply on the release of its contract with BP BP. J.P. Morgan has a price target of $55 on Transocean. In the report J.P. Morgan said, "While we aren't predicting the outcome, the liability risk is not zero, and we believe investors should be compensated with a discount valuation before investing in this stock." Shares of Transocean are down 91 cents to $57.02 in early pre-market trading.