UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Ocean Rig UDW

In a report published Friday, Deutsche Bank reiterated its Buy rating on Ocean Rig UDW

, and raised its price target from $22.00 to $25.00. Deutsche Bank noted, “ORIG is one of the few drillers that still has leverage to a very tight, and still improving, 2013 ultra-deepwater market. With the rest of its fleet contracted, ORIG is maintaining a balance in terms of visibility vs. upside potential. With the Eric Raude finishing its special survey in Q4, downtime, survey and mobilization costs should abate in early 2013. The combination of near-term visibility, intermediate term upside and long term exposure to secular growth in deepwater supports our BUY rating.” Ocean Rig UDW closed on Thursday at $15.28.