UPDATE: Jefferies Raises PT on Ultrapetrol Following 2Q13 EPS Report

In a report published Thursday, Jefferies analyst Douglas J. Mavrinac reiterated a Buy rating on Ultrapetrol ULTR, and raised the price target from $3.50 to $4.00.

In the report, Jefferies noted, “Ultrapetrol reported an adjusted 2Q13 EPS of $0.06, which was better than both Street consensus of an EPS of $0.00 and our estimate of an EPS loss of $0.01 primarily due to much better than expected river business revenues earned during the quarter as a result of normalized rainfall and significantly improved crop production.”

Ultrapetrol Limited closed on Wednesday at $2.94.