Typo!!! Sorry.
Transocean (RIG -0.2%) is downgraded to Sell from Neutral with a $15 price target, cut from $10, at Clarkson Capital, even while the firm predicts the offshore driller will beat Q2 earnings forecasts.
Clarkson suspects RIG's Q2 numbers will be strong on the back of high utilization and lower costs, but downplays their importance "given weakening industry fundamentals and our expectations that a number of rigs will be stacked/scrapped going forward, effectively reducing the company’s earnings capacity once the cycle turns."