UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on AOL

In a report published Wednesday, Jefferies & Company reiterated its Buy rating on AOL

, and raised its price target from $39.00 to $50.00. Jefferies noted, “We reiterate our BUY & raise PT to $50 on a 'Beat & Raise' 3Q driven by solid Network performance. Focus remains: 1) driving sustained top & bottom lines via strategic operational / financial improvements; 2) delivering concrete shareholder value (share count down ~30% / $5.15 dividend); and 3) leveraging investments in premium content, advertising and core services.” AOL closed on Tuesday at $43.70.