Citigroup Reiterates Buy Rating, $70 PT on ENSCO plc

In a report published Friday, Citigroup reiterated its Buy rating and $70.00 price target on ENSCO plc

. Citigroup noted, “Earnings were well ahead of estimates in 3Q12, driven by a stronger-than-expected deepwater performance with Series 8500 rigs achieving 99% utilization. We have lowered our 4Q12 EPS slightly on updated guidance and have left our 2013 and 2014 estimates essentially unchanged. We reiterate our Buy rating and $70 price target on the stock.” ENSCO plc closed on Thursday at $59.59.