UPDATE: BMO Capital Upgrades ENSCO International Plc (ESV) to Market Perform
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(Updated - October 17, 2016 9:08 AM EDT)
BMO Capital upgraded ENSCO International Plc (NYSE: ESV) from Underperform to Market Perform with a price target of $8.
"Upgrading ESV to Market Perform from Underperform and moving it to the top of our list for investors that want long exposure to the offshore drillers. ESV has significantly underperformed peers and the OIH by 19% and 58% YTD, respectively. We now see balanced risk/reward with just 4% downside to our $8 price target (28% downside to the low-end of our trading range and 33% upside to the high end). ESV screens well on our stress test and does not need to access its undrawn revolver until it expires in 3Q2020," said analyst Daniel J. Boyd.
Shares of ENSCO International Plc closed at $8.30 yesterday.
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