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Transocean (RIG) Stock Falls on Ratings Downgrade

NEW YORK (TheStreet) -- Shares of Transocean (RIG) are falling 3.01% to $11.77 in afternoon trading on Monday after Seaport Global cut its rating on the stock to "sell" from "neutral."

The firm maintained its $10 price target on shares of the Swiss offshore contract drilling company.

"Transocean shares have rallied 34.1% since May 23, and the valuation seems stretched at this point given that little has changed regarding the protracted oversupply of rigs in offshore markets," the firm wrote in a note cited by Barron's.