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Fly News Breaks for September 25, 2019
RIG
Sep 25, 2019 | 06:28 EDT
As previously reported, RBC Capital analyst Kurt Hallead downgraded Transocean to Sector Perform from Outperform and lowered his price target for the shares to $9 from $17. The analyst notes that while activity and pricing have seen signs of "definitive improvement", the pace of recovery has been slower than anticipated, which pushed out the timeline for the company to become free cash flow positive. Hallead further contends that the "wall of worry" for Transocean relating to its debt maturities will continue, limiting its "upside optionality."
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