Goldman upgraded Transocean's rating to "neutral" from "sell," though the firm also lowered its price target to $9.75 from $11.50 per share. The new price target represents a potential upside of 12% from the stock's opening price Wednesday.
Goldman applauded the company's improved liquidity and balance sheet position. The firm also notes that Transocean will now operate as a pure play floater company, a segment that appears to have bottomed out.
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