UPDATE: Jefferies Raises PT to $3.50 on Ultrapetrol Limited on Better Fundamentals

Jefferies maintained Ultrapetrol Limited

with a Buy rating and raised the price target from $2.00 to $3.50. Jefferies analyst Douglas J. Mavrinac noted, "Ultrapetrol reported an adjusted 4Q12 EPS loss of $0.26 which was below our estimate of an EPS loss of $0.12 primarily due to lower than expected river business revenues due to the severe drought as well as higher than expected G&A and depreciation expenses incurred during the quarter." Ultrapetrol (Bahamas) Limited closed at $2.31 on Monday.