Transocean Ltd. (RIG)

[kpisme]

I might have went to high with $5.

http://seekingalpha.com/news/3118826-transocean-price-target-cut-2-maintained-sell-citi#email_link

Transocean's (RIG -2.3%) stock price target is cut to $2 from $6 by Citigroup analyst Scott Gruber, who keeps a Sell rating on the shares.

RIG's latest fleet status report confirmed contracts for six rigs while listing eight additional rigs as stacked and another three as idled/warm stacked, and Gruber writes that the retirement of more fifth-generation rigs pushes RIG's discounted cash flow fair value to negative territory.

The analyst believes the present value of the cash generation of the fleet is insufficient to cover the debt burden, but adds that a liquidity crunch is not imminent.