UPDATE: Jefferies Raises PT on Key Energy Services to $20 (KEG)

Jefferies is out with its report today on Key Energy Services KEG, raising its PT from $18 to $20. In a note to clients, Jefferies writes, "With solid 1Q11 results, KEG's business segments, most notably well servicing, are showing signs of finally turning the corner on the back of high oil prices. As such, we expect additional upward EPS revisions as pricing and margins potentially exceed expectations over the next few quarters. With higher earnings estimates, we are increasing our PT to $20 from $18 and reiterating our Buy rating." Shares of KEG closed Friday at $18.20, up 14.18% from Thursday's close.