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

Barclays analyst Edward Kim raised the firm’s price target on Transocean to $7 from $6 and keeps an Equal Weight rating on the shares. The high-spec floater market is nearly sold out and demand the next 1.5 years will require further rig reactivations, stranded newbuild commissioning or rig mobilizations, the analyst tells investors in a research note. The earnings reports last week served as further confirmation of the significant tightness in the offshore rig market, says the firm.