UBS Raises 08 + 09 Crude OIL Forecast

The research arm of UBS (UBS Securities) upgraded their Energy sector + Crude OIL price forecasts for 2008 and 2009:

*UBS raised their 2008 and 2009 crude oil price forecasts to $115 and $120 a barrel

*UBS also 'initiated' research coverage on the U.S. offshore drilling sector...out of the 8 stocks they are covering, UBS is recommending 'Buys' on the following 6:

1.) Atwood Oceanics (ATW)...$3B marketcap, 20 P/E

2.) Diamond Offshore Drilling (DO)...$19B mcap, 21 P/E

3.) Ensco International (ESV)...$10B mcap, 10 P/E

4.) Transocean (RIG)...$50B mcap, 10 P/E

5.) Rowan (RDC)...$5B mcap, 10 P/E

6.) Noble Corp. (NE)...$17B mcap, 13 P/E

*UBS sees this bullish 'Earning$ UP cycle' lasting until at least 2012 (UBS' 2012 price is $156 a barrel)

Data Courtesy: UBS Securities.
Full Disclosure: I own shares of RIG.