Nabors Industries price target raised to $29 from $25 at RBC Capital RBC Capital increased its price target on Nabors as the firm is upbeat on the outlook for U.S. land drillers and thinks the group has exceptionally good fundamental momentum. The firm expects the company to provide good 2014 guidance and keeps an Outperform rating on the shares.
Nabors Industries downgraded to Underperform from Outperform at CLSA CLSA downgraded Nabors Industries to Underperform from Outperform despite raising its price target to $16 from $13. CLSA's analyst believes the advancement of unconventional drilling has been one of the most disruptive technologies in the sectors' history and will derail cycle normalization near-term. The firm believes the industry will need half as many rigs to keep production flat until attrition right-sizes the industry.