Credit Suisse Upgrades Ensco to Outperform (ESV)

Credit Suisse is out with its report today on Ensco PLC (NYSE: ESV), upgrading ESV from Neutral to Outperform.

In a note to clients, Credit Suisse writes, "We upgrade ESV shares to Outperform from Neutral based on an attractive relative valuation, possible near-term catalysts in the deepwater, and upside earnings surprise potential in 2012. ESV shares have underperformed peers by 17% YTD, which creates a compelling entry-point given the company's unmatched history of under-promising and over-delivering."

Credit Suisse raises its PT on ESV from $50 to $71.

At the time of posting, shares of ESV were trading pre-market at $54.88, up 0.94% from Tuesday's close.