Jefferies Upgrades ENSCO International Plc (ESV) to Buy

Jefferies upgraded ENSCO International Plc (NYSE: ESV) from Hold to Buy with a price target of $70.00 (from $66.00).

The firm comments, "Relative to our prior valuation methodology, our new approach gives more credit to strong Free Cash Flow (and thus debt paydown) expectations. Related, we believe we should see an announcement of some increase in ESV’s dividend at some point in 2013 and believe ESV could be on pace to double its dividend over the next four years. A good track record when it comes to issuing better than anticipated full-year guidance for the forward year should help, too. Importantly, we feel initial concerns about Brazilian rollover risk have been telegraphed enough that shares should be discounting some disruption in revenue as (some) assets rolling off contracts move elsewhere."

For an analyst ratings summary and ratings history on ENSCO International Plc click here. For more ratings news on ENSCO International Plc click here.

Shares of ENSCO International Plc closed at $57.00 yesterday.

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