UPDATE: Jefferies Reiterates Buy Rating, Raises PT on ENSCO on 4Q12 Earnings

In a report published Friday, Jefferies reiterated its Buy rating on ENSCO

, and raised its price target from $70.00 to $72.00. Jefferies noted, “We continue to like ESV on the premise that we think it can deliver relatively more FCF 'sooner,' better positioning it for solid, steady dividend growth while maintaining flexibility to (prudently) invest. Further, we like ESV's leverage to notable market bright spots, including GoM and SE Asia jackup markets, and are more comfortable that Brazil deepwater sorts itself out. We tweak down/up 2013/2014E EPS, respectively. Maintain Buy.” ENSCO closed on Thursday at $63.25.