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Fly News Breaks for September 20, 2018
RIG
Sep 20, 2018 | 07:22 EDT
As reported earlier, RBC Capital analyst Kurt Hallead upgraded Transocean to Outperform from Sector Perform and raised his price target to $30 from $15. The analyst cites "definitive improvement" in the offshore drilling activity and higher asset utilization leading to renewed offshore spending. Hallead also lowers his implied enterprise value to expected EBITDA for 2022 multiple to 8.2-times from 8.9-times while boosting his mid-cycle 2022 EPS target to $2.94 from $1.35 to reflect Transocean's "meaningful and sustained pricing power".
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