Nabors Industries upgraded to Overweight from Equal Weight at Stephens Stephens upgraded Nabors (NBR) to Overweight following the agreement to merge its Completion Services and Production Services businesses with C&J Energy (CJES). The firm expects the deal to be accretive to margins and accelerate investment into the core drilling businesses and drive the multiple higher. Price target raised to $33 from $27.
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.