Transocean - RIG-NYSE
Buy - Price 100.40 on August 7
by Sterne Agee
After analyzing GlobalSantaFe merger terms, we have raised our ratings on both stocks from Hold to Buy. The 12-month target for RIG is 122 a share; for GSF, 81. The combined entity should earn in excess of $12 a share in '08. Given a high level of firm contract backlogs, confidence in this estimate should be higher than normal...Transocean is the dominant player in the deepwater offshore-drilling industry.
Monday, August 13, 2007
Sterne Agee Upgrades Transocean/GlobalSantaFe
Research Reports: Barron's Online