UPDATE: Jefferies Color On ATW Target Increase

Jefferies, which raised its PT on shares of Atwood Oceanics (NYSE: 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.