UPDATE: Jefferies Color On ATW Target Increase

Jefferies, which raised its PT on shares of Atwood Oceanics ATW, is providing some color on the stock. “Although ATW retains good contract cover and represents an interesting transformation story due to its substantial deepwater and jack-up newbuild program, we continue to rate ATW shares Hold primarily due to valuation,” Jefferies writes. Atwood Oceanics closed Wednesday at $41.23.