UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Atwood Oceanics

In a report published Monday, Jefferies & Company reiterated its Buy rating on Atwood Oceanics

, but lowered its price target from $58.00 to $56.00. Jefferies noted, “With the decks on FY13 cleared at a time when the focus for the group becomes a 'scrub down' of next year estimates (and therefore the opportunity for companies' guidance to disappoint), ATW provides us with a level of comfort not seen elsewhere. Although guidance pushes EPS lower, on an EBITDA level it is largely unchanged, and ATW's strong operational track record suggests a reasonable chance of exceeding these reset expectations.” Atwood Oceanics closed on Friday at $46.37.