The firm has an $11 price target on shares of the Swiss offshore drilling contractor.
Transocean has surpassed cost reductions while maintaining a backlog superior to its competitors, Citigroup said in a note cited by TheFly.
There appear to be fewer downside risks to consensus estimates in 2018, the firm noted.
Additionally, Transocean successfully issued debt and reduced bond yields, Citigroup mentioned, according to TheFly.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C-.
Transocean's strengths such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and expanding profit margins are countered by weaknesses including weak operating cash flow, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share.
You can view the full analysis from the report here: RIG
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.