UPDATE: Bank of America Raising Price Target On ENSCO

Bank of America Merill Lynch is out with a research report on ENSCO

and is raising its price target to $69 from $67, and keeping its Buy rating on shares. In a note to clients, Bank of America Merill Lynch writes, "We are increasing our 2011/2012/2013 EPS estimates to $3.72/$6.15/ $6.30 from $3.69/$5.95/$6.05 owing primarily to contract extensions on the ENSCO 5002 and ENSCO 5004 at higher-than-expected dayrates, partially offset by new downtime on a few jackups. We are increasing our PO to $69 (implies 11x 2013E EPS) from $67." Shares of ESV lost $1.17 yesterday to close at $42.32.