UPDATE: Jefferies Raises PT on Newpark Resources to $8 (NR)

Jefferies is out with its report today on Newpark Resources NR, raising its price target from $7 to $8. In a note to clients, Jefferies writes, "We are increasing our PT to $8 from $7, which is based on 6x our 2012 EBITDA estimate of $144.8 million (up from $126.4 million). Our PT multiple of 6x falls with NR's historical range. Our 2011-12 EPS estimates go to $0.54 and $0.70 from $0.50 and $0.60, respectively." Jefferies maintains Hold on NR. At the time of posting, shares of NR were trading at $6.83, up 0.29% from Friday's close.