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Fly News Breaks for July 8, 2016
RIG
Jul 8, 2016 | 05:56 EDT
Canaccord Genuity analyst Alex Brooks downgraded Transocean to Sell following the stock's rally over the past three months. The current valuation is not sustainable following management's decision this week to launch a $1.5B junk bond issue, Brooks tells investors in a research note. He keeps an $8.50 price target for the shares. Transocean closed yesterday up 6c to $11.96.
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