UPDATE: Dahlman Rose Downgrades Ensco International to Hold on Valuation

In a report published Monday, Dahlman Rose downgraded its rating on Ensco International ESV from Buy to Hold. Dahlman Rose noted, “We are downgrading Ensco to Hold from Buy. Our fair value estimate of $66 per share is based on an EV/EBITDA multiple of 6.5x on our estimated 2014 EBITDA estimate of $3.05 billion. We are maintaining our 2013 EPS estimate of $8.00 per share. The stock has just 5% appreciation to our fair value estimate.” Ensco International closed on Friday at $63.72.