UPDATE: Clarkson Capital Markets Downgrades ENSCO to Market Perform, Reiterates $59 PT

In a report published Friday, Clarkson Capital Markets downgraded its rating on ENSCO plc (NYSE: ESV) from Outperform to Market Perform, and reiterated its $59.00 price target.

Clarkson noted, “We are downgrading Ensco shares to market perform based on its current valuation. Ensco is approaching our price target of $59, which we are leaving unchanged, and believe there is limited upside in the stock. We are keeping our prior estimates and price target of $59 unchanged at this time. Ensco offers relatively low financial leverage of 31% and a revenue growth profile of 14.4% versus the group averages of 38% and 22.6%, respectively. All in all, we believe there are other names in coverage universe that offer more positive catalysts and upside in the near term.”

ENSCO plc closed on Thursday at $55.61.