Deutsche Bank Upgrades ENSCO International Plc (ESV) to Hold

Deutsche Bank upgraded ENSCO International Plc (NYSE: ESV) from Sell to Hold with a price target of $9.00 (from $4.00). The change follows its recent offering.

Analyst Mike Urban said, "Late last week, ESV announced an equity offering expected to raise ~$525MM. Although we did not necessarily expect an offering from ESV given its already strong balance sheet, we did (and continue to) believe this is exactly the kind of action needed to restore the offshore drilling industry to health as laid out in a thematic report last year (see "Righting the Ship: How to Fix the Offshore Drilling Industry" - 28 Sept 2015). Specific to ESV, the company is now positioned to lead much needed consolidation. However, the current mixed outlook leaves us with a HOLD rating."

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 $9.90 yesterday.

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