UPDATE: Jefferies Cuts Target on Swift Energy to $36

Jefferies reiterates its Buy rating on Swift Energy SFY as the company works hard to maintains liquids exposure, but cuts its price target $2 to $36 based on latest reserve numbers. Jefferies notes, "SFY has a sizeable inventory in the Eagle Ford that will deliver growth for the next several years. Challenge is managing oil production/ reserve declines from South LA assets." SFY closed at $31.17 a share on Tuesday.