Citi Reiterates Transocean Buy

Citi reiterated its Transocean RIG Buy rating in a research report published today. Citi has previously given Transocean an $81 price target. In the report, Citi states, "The jackup contracts are a positive follow-though on favorable utilization trends in the lower-end of the asset class spectrum, although none of the higher-impact floaters received new contracts other than those previously announced. We believe downtime increases should be expected as the fleet adjusts to a post- Macondo environment and transitions to greater activity." Shares of Transocean were trading at $52.76 at the time of posting, down 6.62% from Wednesday's market close.