Citigroup reiterated its Buy rating on ENSCO PLC ESV and raised its price target on shares from $67 to $70.
Citigroup said, "Operating earnings and EPS were well ahead of estimates in 2Q12, driven by lower-than-expected contract drilling expenses. We have raised our EPS estimates in 2012, 2013, and 2014 (see table below) to reflect our expectations of a slightly lower cost structure and effective tax rate going forward."
ENSCO PLC closed at $51.79 on Thursday.
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