ENSCO International’s (ESV) Price Target Raised

Analyst Judson Bailey at Jefferies & Company, Inc. has raised the price target for ENSCO International PLC (NYSE: ESV) from $57 to $59.

According to Jefferies, the shares of the company are attractively valued considering the upside in the jack-up market, and longer-term value creation from the expansion of its UDW fleet.

The company reported EPS of $1.24 for the fourth-quarter, which is above Jefferies’, and consensus forecast of $1.23. The upside was mainly due to higher-than-expected revenue, which offset the higher-than-expected operating costs, SG&A expense, and a slightly higher tax rate.

Jefferies continues to rate ENSCO International PLC as a Buy.