Transocean price target lowered to $6 from $7 at Barclays

Barclays analyst Eddie Kim lowered the firm’s price target on Transocean to $6 from $7 and keeps an Equal Weight rating on the shares. Despite a Q4 miss and surprise fiscal 2024 guide-down largely driven by factors outside the company’s control, Transocean reiterated its confidence in the market outlook with Petrobras to award contracts to five rigs in Q2, and a “flurry of fixtures” with durations of 3-5 years expected over the next six months, the analyst tells investors in a research note.