UPDATE: Citigroup Raises PT to $70 on ENSCO PLC Following Strong Quarter

Citigroup reiterated its Buy rating on ENSCO PLC ESV and raised its price target on shares from $67 to $70. Citigroup said, "Operating earnings and EPS were well ahead of estimates in 2Q12, driven by lower-than-expected contract drilling expenses. We have raised our EPS estimates in 2012, 2013, and 2014 (see table below) to reflect our expectations of a slightly lower cost structure and effective tax rate going forward." ENSCO PLC closed at $51.79 on Thursday.