Jefferies upgraded Bristow Group (BRS

) to buy from hold, explaining that the stock is undervalued after months of negative news from various internal and external investigations.

Analyst Judson Bailey says investors are not yet recognizing the company's ability to capitalize on increasing offshore drilling and production activity. At current levels, he believes Bristow Group provides attractive growth opportunities with its oil and gas aviation business. Bailey raises his $33 stock price target to $44.