Shares of Wolfspeed, Inc. (NYSE: WOLF) experienced a significant surge of over 10% in pre-market trading following the announcement of a wafer supply agreement and a substantial $2 billion deposit by Renesas Electronics Corporation. This agreement secures a 10-year supply commitment of high-quality silicon carbide bare and epitaxial wafers from Wolfspeed.

The substantial $2 billion deposit from Renesas will provide support for Wolfspeed's ongoing capacity construction projects. One notable project is the development of the world's largest silicon carbide materials factory, located in Chatham County, North Carolina. 

In pre-market, $WOLF is currently trading at $65.10, reflecting a notable increase of $8.36 (+14.73%).

In other news, Transocean Ltd. (NYSE: RIG), a leading offshore drilling contractor, was upgraded by Citigroup, shifting its rating from Neutral to Buy, while the price target was raised from $6.5 to $9.5. 

With $RIG closing at $6.97 on Monday, this upgraded price target indicates a potential upside of $2.53 or approximately 36.28%, based on the investment firm's perspective.

Valaris Limited (NYSE: VAL), a leading offshore drilling company, was initiated with a Buy rating by Citigroup, accompanied by a price target of $85. 

Despite closing at $63.11 on Monday, the assigned price target indicates a potential upside of $21.89 or approximately 34.69% for $VAL, according to Citigroup's analysis.

The price targets and potential upsides provided above are grounded in Citigroup's assessments and views, reflecting their projected appreciation in stock value based on thorough analysis and expectations. It is essential for investors to conscientiously consider these opinions when making their investment decisions.

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