Jefferies Has Hold On ION Geophysical Corp (NYSE: IO)

Jefferies & Co. has a Hold rating and a $6.50 price target on shares of ION Geophysical Corp IO. In a note to clients, Jefferies writes, "IO posted excellent 4Q results driven primarily by seasonally stronger multi-client sales, while its INOVA land equipment business continues to underperform. We expect the shares to react well to the robust 4Q earnings." Shares of IO are up $1.18 in pre-market trading to $11.05, a gain of nearly 12%.