UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Hercules Offshore Corp.

In a report published Friday, Jefferies & Company reiterated its Hold rating on Hercules Offshore Corp.

, and slightly raised its price target from $5.00 to $5.50. Jefferies noted, “We believe shares can continue their upward march to the mid-$5 range. This should be driven by: (1) a continued slow and steady upward trend in GoM dayrates and (2) the likelihood of one rig returning to service in both domestic and international markets. We remain on the sidelines, as we would like to feel closer to a more transformational change (rig profile or balance sheet) to get more constructive.” Hercules Offshore Corp. closed on Thursday at $4.94.