Jefferies Maintains Buy on Dril-Quip (DRQ)

Jefferies is out with its report today on Dril-Quip DRQ, maintaining Buy. In a note to clients, Jefferies writes, "DRQ remains very well positioned to benefit from rising international deepwater drilling activity over the next few years and will benefit when GOM activity returns. Based on current backlog and our expectations for activity growth, we expect sharp revenue and EPS growth in 2H11 and 2012. Maintain Buy and $85 price target." At the time of posting, shares of DRQ were trading at $67.75, down 0.37% from Monday's close.