UPDATE: Jefferies Lowers PT to $5 on Ultrapetrol (Bahamas) Limited

Jefferies Lowers its price target from $6 to $5 on Buy-rated Ultrapetrol (Bahamas) Limited

on lower operating days for 2012. Jefferies notes, "We are introducing quarterly EPS estimates for Ultrapetrol for 2012 as well as introducing initial 2013 EPS estimates. Simultaneously, we are lowering the bar for the Company in 2012 to reflect fewer operating days in the PSV segment than previously anticipated as well as more conservative expectations for the Company's river business in 2012." ULTR closed at $2.82 a share yesterday.