Transocean LTD (RIG) shares were falling 2.57% to $8.35 in morning trading Wednesday in spite of rising crude prices and an upgraded outlook from analysts at Goldman Sachs.
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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