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 (NYSE: SB), 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.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.