UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on ENSCO International

In a report published Monday, Deutsche Bank reiterated its Buy rating on ENSCO International ESV, and raised its price target from $59.00 to $66.00. Deutsche Bank noted, “Both the deepwater and the high spec jackup market continue to improve and ESV's earnings power is following suit. With additional newbuilds slated enter the fleet in the coming years, earnings and cash flow should continue to grow from here. Despite recent chatter regarding Brazil we continue to believe that market will have higher (not lower) rig needs from here. As such, we believe ESV remains one of the most complete and thereby compelling offshore drilling stories. We reiterate our BUY rating.” ENSCO International closed on Friday at $55.62.