Jefferies Cuts Price Target On Transocean (RIG)

Jefferies & Co. cut its price target on Transocean LTD RIG to $73 from $75, but is keeping its Hold rating. In a note to clients, Jefferies writes, "Although RIG has partially narrowed the valuation discount to its peers, we remain neutral on the shares primarily due to utilization and dayrate uncertainty in the conventional jack-up and midwater segments in 2011." Shares of RIG gained 25 cents yesterday to close at $64.21.