UPDATE: Jefferies Reduces PT to $44 on Halliburton on Offshore Drilling Forecast

Jefferies reiterated its Buy rating on Halliburton (NYSEL HAL) but reduced its price target from $47 to $44. Jefferies noted, "We lower 3Q12 EPS estimates for our services and land drillers and make select adjustments for offshore drillers. An equipment preview is to come separately. Although North America weakness is telegraphed, we expect earnings to matter for shares. Onshore drillers likely print “better” than most Service names." Halliburton closed at $34.07 on Tuesday.