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UPDATE: Jefferies Raises PT to $58 on Atwood Oceanics on Offshore Drilling Forecasts

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Jefferies reiterated its Buy rating on Atwood Oceanics (NYSE: ATW) and raised its price target from $56 to $58.

Jefferies commented, "We lower 3Q12 EPS estimates for our services and land drillers and make select adjustments for offshore drillers. An equipment preview is to come separately. Although North America weakness is telegraphed, we expect earnings to matter for shares. Onshore drillers likely print “better” than most Service names; near term share outperformance is expected for ATW."

Atwood Oceanics closed at $44.68 on Tuesday.

Latest Ratings for ATW

DateFirmActionFromTo
Mar 2016BarclaysDowngradesEqual-weightUnderweight
Mar 2016RBC CapitalMaintainsSector Perform
Mar 2016CitigroupMaintainsNeutral

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