Duncan-Williams Reiterates Strong Buy on Transocean, Raises PT to $101.25

Duncan-Williams reiterated its Strong Buy rating on Transocean RIG. At the same time, Duncan-Williams raised its price target on the company's stock to $101.25 from $97.50 after increasing its earnings per share estimates for the next two years. In a research report published today, Duncan-Williams states, "Based on the above changes, our new 2011 earnings estimate is $4.80 per share down from $5.00 per share. Our new 2012 earnings estimate is $6.75 per share up from $6.50 per share. We reiterate our STRONG BUY rating and new target of $101.25 per share, up from $97.50 per share, which is based on 15 times our new 2012 earnings estimate." On Thursday, Transocean lost 1.41% of its value to close the day at $61.75. Its shares regained some of yesterday's losses in today's pre-market trading, however, rising 1.21% to $62.50.