UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Aegean Marine Petroleum Network Following 2Q13 EPS Miss

In a report published Wednesday, Jefferies analyst Douglas J. Mavrinac reiterated a Buy rating on

, and raised the price target from $10.00 to $11.00. In the report, Jefferies noted, “Yesterday after the market close, Aegean Marine reported adjusted 2Q13 EPS of $0.13 which was below both Street consensus and our estimate of $0.19 primarily due a decline in the company's gross spread to $23.10 per ton although the company's reported sales volumes of 2.7 million tons and reported opex of $41.9 million were both better than expected.” Aegean Marine Petroleum Network closed on Tuesday at $8.75.