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Jefferies, Citigroup Revised Their Offshore Stock Recommendations

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Recent price revisions

In the week ended January 5, 2018, Jefferies and Citigroup revised their target prices and recommendations for offshore drilling stocks. In this article, we’ll take a look at the details.

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Ensco

On January 5, 2018, Citigroup raised its target price for Ensco (ESV) to $7.7 from $7.5. Earlier, Jefferies raised its target price to $6 and maintained a “hold” rating on Ensco. The consensus 12-month target price for Ensco is $7.74, which implies a potential upside of 8% for the stock from its market price of $7.16 on January 8, 2018.

Transocean

On January 5, 2018, Citigroup raised its target price for Transocean (RIG) to $15 from $14. Earlier, Jefferies upgraded Transocean to a “buy” and raised its target price to $13. The consensus 12-month target price for RIG is $12.16, which implies a potential upside of 2.3% for the stock from its market price of $11.89 on January 8, 2018.

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Noble Corporation

On January 5, 2018, Citigroup raised its target price for Noble Corporation (NE) to $5.5 from $4.7. Earlier, Jefferies raised NE’s target price to $6 and maintained its “buy” rating on the stock. The consensus 12-month target price for NE is $4.48, which implies a potential downside of 13.2% from its market price of $5.19 on January 8, 2018.

Diamond Offshore

Credit Suisse raised the target price for Diamond Offshore Drilling (DO) to $15 from $13 and maintained a “neutral” rating on the stock. On the same day, Citigroup raised its target price for DO to $13 from $12. Earlier, Jefferies downgraded the stock to an “underperform.” The consensus 12-month target price for DO is $14.1, which implies a potential downside of 28.4%

Rowan Companies

Citigroup raised its target price for Rowan Companies (RDC) to $17 from $16. Jefferies maintained its “hold” rating on RDC and raised the stock’s target price to $16.

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