Canaccord Genuity Starts Transocean (RIG) at Sell

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Go back to Canaccord Genuity Starts Transocean (RIG) at Sell

Transocean's (RIG) Day of Reckoning Approaching, Says Deutsche Bank; Analyst Reiterates Sell Rating

November 7, 2014 10:57 AM EST

Deutsche Bank reiterated a Sell rating on Transocean (NYSE: RIG) with a price target of $16. Earlier it announced a non-cash charge of $1.97 billion related to the impairment of goodwill. The charge is the result of impairment testing conducted due to the decline in the market valuation of the contract drilling business.The company also expects an impairment of the Deepwater Rig asset group of $788 million. Analyst Mike Urban said the company's "day of reckoning" is approaching.

"Despite significant short-interest and... More