UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Atwood Oceanics on 2Q13E EPS Updates

In a report published Monday, Jefferies analyst Brad Handler reiterated a Buy rating on Atwood Oceanics ATW, and raised the price target from $60.00 to $64.00. In the report, Jefferies noted, “We tweak up FY3Q13E EPS by $0.01 to $1.34 on the impact of the May 23 share repurchase from HP. Our FY13-15 estimates also go higher (to $5.25, $6.35, $7.70, respectively) on this, as well as the four favorable June contract announcements. Our PT rises to $64 from $60 on the impact of the lower share count, higher out-year estimates and the Atwood Archer UDW newbuild.” Atwood Oceanics closed on Friday at $55.35.