RIG

Thursday, May 8, 2008

RIG Transocean tgt upped to $182 at FBR (153.30 -4.10) -Update-

Friedman & Billings raises their RIG tgt to $182 from $172 following yesterday's above consensus EPS report. Firm believes RIG is well positioned to benefit from the increase in deepwater exploration needed to meet the world's hydrocarbon needs. Based on recent leading-edge contracts at record rates with impressive terms, they believe there is more visibility into the duration of this cycle.