UPDATE: Jefferies Raises Teekay's PT

According to a research report published this morning, Jefferies has increased Teekay's

PT from $38 to $42. In the report, Jefferies said, “Yesterday, after the market close, Teekay announced that it is selling 13 of the company's 17 directly owned conventional tankers to publicly-listed subsidiary Teekay Tankers (TNK, NC) along with related time charter contracts and debt facilities for an aggregate purchase price of approximately $455 million.” Jefferies maintains its Buy rating on Teekay, which is currently trading at $34.60.