Citi analyst Scott Gruber cut his price target for Transocean to $2 from $6 and keeps a Sell rating on the shares. The provider of offshore contract drilling services closed yesterday up 48c to $9.14. Transocean's February Fleet Status Report confirmed contracts for six rigs while listing eight additional rigs as stacked and another three as idled/warm stacked, Gruber tells investors in a research note. The retirement of more 5th gens rigs pushes Transocean's discounted cash flow fair value to negative territory, the analyst writes. He believes the present value of the cash generation of the fleet is insufficient to cover the debt burden but notes that a liquidity crunch is not imminent.