Wells Fargo analyst Judson Bailey upgraded Transocean (RIG) to Outperform and raised his price target for the shares to $16 from $13. The analyst "significantly" increased his EBITDA and net asset value estimates across the offshore drilling space to reflect increasing demand combined with tightening availability for high spec ultra-deepwater rigs. This is quickly pushing dayrate expectations higher as well as the market value for ultra-deepwater assets, Bailey tells investors in a research note. The analyst cites Transocean's deepwater leverage for his upgrade to Outperform. He also raised his price target for Outperform-rated Rowan Companies (RDC) to $21 from $20, Market Perform-rated Ensco (ESV) to $7.50 from $7.00 and Market Perform-rated Noble Corp. (NE) to $7.00 from $5.50.