JP Morgan Revises Estimates On Transocean Following Recent Fleet Status

JP Morgan has published a research report on Transocean (NYSE: RIG) and has revised estimates on the company for recent fleet status.

In the report, JP Morgan writes "We have updated our company model and estimates for Transocean (RIG) making only slight changes to EPS due to changes from the March 16th fleet status report only; our estimated dayrates have not changed. Our estimated 2011 EPS is now $6.16, down slightly from our previous $6.24 estimate, while our 2012 EPS of $7.20 is up from our previous estimate of $7.14. Our 1Q11 estimate of $1.15 is down from $1.17 previously but above the Street's consensus of $0.89."

JP Morgan maintains its Underweight rating and $70 price target.

Transocean closed yesterday at $76.14.