UPDATE: Jefferies Upgrades Excel Maritime Carriers to Hold

Jefferies raises its rating on Excel Maritime Carriers EXM to Hold with a price target of $2 (previously $1) on debt restructuring. Jefferies says, "Last Friday, Excel reported a 4Q11 EPS loss of $0.24, excluding one-time items and unrealized interest rate derivative losses, which was in line with Street consensus but better than our estimate of an EPS loss of $0.30 due to better than expected spot charter rates earned during the quarter. Excel also announced a successful debt restructuring agreement with its banks." EXM closed at $2.10 a share on Friday.