Barclays lowered the firm’s price target on Transocean (RIG) to $3.50 from $4 and keeps an Overweight rating on the shares. The firm remains constructive on the long-term offshore drillers outlook, but believes white space on deepwater rigs could extend well into 2026 given a challenged supply/demand dynamics. It “conservatively” lowered day-rate assumptions and cut price targets significantly.
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Read More on RIG:
- Transocean price target lowered to $4 from $5 at Morgan Stanley
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- Transocean upgraded to Hold from Sell at SEB Equities
- Transocean price target lowered to $4 from $4.50 at Barclays