UPDATE: Jefferies Raises PT on Complete Production Svs. to $40 (CPX)

Jefferies is out with its report today on Complete Production Svs. CPX, raising its PT from $36 to $40. In a note to clients, Jefferies writes, "We are reiterating our bullish stance on shares of CPX, given the stock's current valuation (trading at 4.7x 2012 EBITDA), and solid market position poised to benefit from the rising service intensity levels in unconventional regions of North America. Reiterate Buy and raising PT $40 from $36." Shares of CPX closed Thursday at $33.62.