UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Safe Bulkers

In a report published Friday, Jefferies & Company reiterated its Hold rating on Safe Bulkers

, but lowered its price target from $6.00 to $4.00. Jefferies noted, “Yesterday after the market close, Safe Bulkers reported adjusted 3Q12 EPS of $0.30 which was better than both Street consensus of $0.29 and our estimate of $0.27 primarily due to higher than expected charter rates earned during the quarter and lower than expected vessel operating expenses incurred during the quarter.” Safe Bulkers closed on Thursday at $4.91.