UPDATE: Jefferies Downgrades North American Energy Partners to Hold

Jefferies lowers its rating on North American Energy Partners (NYSE: NOA) to Hold from Buy and lowers its price target form $9 to $6.50 a share on reduced outlook. Jefferies comments, "We are lowering our rating to Hold from Buy as our lower estimates now drive a price target of $6.25 (prior: $9.00), only 12% upside from Friday's close. Near-term concerns stemming from continued exposure to unfavorable contract terms and adverse weather conditions are expected to limit revenues during what should normally be the busiest time of year in the oil sands."NOA closed at $5.58 a share on Friday.