RESEARCH ALERT-Citi ups SembCorp Marine price target

SINGAPORE Feb 3 (Reuters) - Citigroup raised its price target on Singapore rig builder SembCorp Marine to S$5.90 from S$4.76 and kept its buy rating.

By 0320 GMT, SembCorp Marine's shares were down 0.6 percent at S$4.86.

STATEMENT:

Citi said despite the recent increase in SembCorp Marine's share price, it believes the firm's "improved order-win prospects have yet to be fully discounted" and its contract wins have potential to exceed consensus expectations.

The U.S. bank increased its order book estimates for the company by about 30 to 40 percent for 2012 and 2013.

Citi said it expects demand for semi-submersible rigs, an area SembCorp is good in, to emerge this year after a long period of underinvestment. (Reporting By Mark Tay; Editing by Kevin Lim)