Wachovia Downgrades Ensco International (ESV) to Market Perform
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Wachovia downgrades Ensco International (NYSE: ESV) from Outperform to Market Perform based upon fair valuation. The firm did raise their valuation range from $65-$75 to $75-$86.
The firm said, "ESV's range rises on (1) an increase in its perpetual growth rate to 5.13% from 4.75% (+$8.00 of the increase) following the order of 2 more 8500 series newbuilds; and (2) higher jackup day rates (+$3.00). We would look to get more aggressive on ESV given stronger signs of upside to our day rate and/or perpetual growth rate assumptions, or a pull-back in the stock (all else equal)."
ENSCO International Incorporated, together with its subsidiaries, operates as an offshore contract drilling company in the United States and internationally.
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