Jefferies Tweaks Estimates on Cameron International (CAM), Maintains Buy Rating

To go inline with its new oil price forecast and U.S. rig count outlook, Jefferies is becoming more confident in its expectations with Cameron International (NYSE: CAM).

As a result the firm is reiterating its Buy rating and $65 price target, but is reducing its 2011 EPS estimate from $2.75 to $2.60 and is maintaining its 2012 estimate of $3.50.

Jefferies reports that, "we believe oil service investors should favor names with strong international exposure but not abandon names with North American exposure. Our positive outlook for crude oil and the dramatic shift to oil and liquid-rich drilling in North America point to sustained strength in U.S. activity. We remain confident that profitability in North America is much more sustainable than in prior cycles and warrant higher valuations on select names."

For more ratings news on Cameron International click here and for the rating history of Cameron International click here.

Shares of Cameron International closed at $55.49 yesterday.

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