UPDATE: Jefferies Raises PT to $58 on Atwood Oceanics on Offshore Drilling Forecasts

Jefferies reiterated its Buy rating on Atwood Oceanics

and raised its price target from $56 to $58. Jefferies commented, "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; near term share outperformance is expected for ATW." Atwood Oceanics closed at $44.68 on Tuesday.