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UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on ENSCO International

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In a report published Monday, Deutsche Bank reiterated its Buy rating on ENSCO International (NYSE: ESV), and raised its price target from $59.00 to $66.00.

Deutsche Bank noted, “Both the deepwater and the high spec jackup market continue to improve and ESV's earnings power is following suit. With additional newbuilds slated enter the fleet in the coming years, earnings and cash flow should continue to grow from here. Despite recent chatter regarding Brazil we continue to believe that market will have higher (not lower) rig needs from here. As such, we believe ESV remains one of the most complete and thereby compelling offshore drilling stories. We reiterate our BUY rating.”

ENSCO International closed on Friday at $55.62.

Latest Ratings for ESV

DateFirmActionFromTo
May 2016CitigroupMaintainsNeutral
Apr 2016DNB MarketsUpgradesSellHold
Apr 2016Deutsche BankUpgradesSellHold

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Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings

 

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