UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Halliburton Company

In a report published Monday, Jefferies reiterated its Buy rating on Halliburton Company HAL, and raised its price target from $42.00 to $47.00. Jefferies noted, “HAL offered a supportive-enough outlook for 2013 to sustain confidence in our $3 EPS estimate, although we did make it more back-end weighted (we lowered 1Q13E to $0.55 from $0.65). Better than expected non-NAM margins in 4Q12 and in 2013 guidance (high-teens %) support the view that the international cyclical story is not "broken", but in fact is gathering momentum, which we think is required for multiple expansion. Reiterate Buy.” Halliburton Company closed on Friday at $39.72.