Sterne Agee Raises Price Target on ESV To $70

Sterne Agee has issued a report raising the Price Target on ENSCO International ESV from $65 to $70 a share. According to the report, “Assuming a 6.5 multiple on the $3,200 earnings power outlook (circa 2014), the long-term price objective would be $80 per share. In the interim period however, we are assigning a $70 (previously $65) price objective which yields a multiple of 8.5x our 2012 assumptions.” ESV is rated Buy and closed at $57.71 a share on Friday.