Market Overview

UPDATE: Jefferies & Company Upgrades ENSCO to Buy, Raises PT

Share:
Related ESV
Drillers Leading The Oil Sector Higher Following OPEC Decision
Goldman Upgrades ENSCO To Buy, Sees 53% Upside
Markets Are Pricing Ensco To Sink, But Its Ability To Stay Afloat Spells Potential For Equity Upside (Seeking Alpha)

In a report published Friday, Jefferies & Company upgraded its rating on ENSCO PLC (NYSE: ESV) from Hold to Buy, and raised its price target from $66.00 to $70.00.

Jefferies noted, “Offshore drillers likely lack the traditional dayrate catalyst in 1H13. We see fleet transformations (high grading) and 2014 EPS growth pushing stocks higher. But there are costs (capex) and risks (existing fleet obsolescence) that come with new rigs and we modify our valuation methodology to better reflect both. Consistent with this, we upgrade ESV to Buy from Hold ($70 PT), tweak ATW's PT up $2 to $58 and lower RIG, NE and DO PTs.”

ENSCO PLC closed on Thursday at $57.00.

Latest Ratings for ESV

DateFirmActionFromTo
Sep 2016JefferiesMaintainsHold
Sep 2016Clarksons PlatouUpgradesSellNeutral
Sep 2016Goldman SachsUpgradesNeutralBuy

View More Analyst Ratings for ESV
View the Latest Analyst Ratings

Posted-In: Jefferies & CompanyAnalyst Color Upgrades Analyst Ratings

 

Related Articles (ESV)

View Comments and Join the Discussion!