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Fly News Breaks for September 5, 2018
ORIG, RIG
Sep 5, 2018 | 07:49 EDT
UBS analyst Sasha Sanwal believes Transocean's (RIG) acquisition of Ocean Rig DW ((ORIG) materially increases the company's upside to a recovery at a fair valuation that is in line to slightly below recent deals. Although there is some pushback on near-term dilution to 2019 estimates, he believes the deal offers a favorable mix of upside for 2020 from future rig activations and higher backlog balanced by a desire to limit stress on the balance sheet and liquidity. Sanwal reiterated his Buy rating and $15 price target on Transocean shares.
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