UPDATE: Jefferies Downgrades Precision Drilling to Hold on Canada Caution

Jefferies reduced its rating on Precision Drilling

from Buy to Hold and lowered its price target from $10 to $8.50. Jefferies noted, "U.S. land drilling is incrementally more attractive post 3Q12 on generally in line drilling performance and evidence of some mix benefits. We wait for somewhat better visibility for US activity in 2013 before getting constructive with more stocks, but see attractive optionality for patient investors. Having said that, we downgrade PDS to Hold from Buy on a softer Canada in 2013." Precision Drilling closed at $7.57 on Monday.