UPDATE: Jefferies Raises PT on Superior Energy Services to $49 (SPN)

Jefferies is out with its report today on Superior Energy Services SPN, raising its PT from $43 to $49. In a note to clients, Jefferies writes, "Our recent meeting with SPN's Brazilian country head confirms our belief that SPN is well positioned in the rapidly growing Brazilian market. We are raising our price target to $49 from $43 to more accurately account for SPN's expanding international presence based on 6.5x 2012 EBITDA versus 6.0x previously." Jefferies maintains Buy on SPN. Shares of SPN closed Monday at $40.48, down 1.29% from Friday's close.