UPDATE: Jefferies Cuts PT to $11 on Nordic American Tanker Shipping; Q1 Miss

Jefferies lowers its price target from $13 to $11 on Hold-rated Nordic American Tanker Shipping

as Q1 loss was wider than expectations. Jefferies notes, "This morning, NAT reported a 1Q12 EPS loss of $0.18 which was below Street consensus of an EPS loss of $0.06 and our estimate of an EPS loss of $0.03 due to lower than expected spot charter rates earned during the quarter as well as higher than anticipated G&A expenses incurred during the quarter." NAT closed at $13.30 on Monday.