UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Teekay Corporation

In a report published Friday, Jefferies & Company reiterated its Buy rating on Teekay Corporation TK, but lowered its price target from $41.00 to $39.00. Jefferies noted, “Yesterday, Teekay Corporation reported an adjusted 3Q12 EPS loss of $0.29, which easily beat both Street consensus of an EPS loss of $0.52 and our estimate of an EPS loss of $0.48 as reported operating expenses, G&A expenses, interest expense, and non-controlling interest expense were all lower than expected.” Teekay Corporation closed on Thursday at $31.61.