Goldman Sachs Downgrades Nabors (NBR) to Buy

July 10, 2013 9:32 AM EDT
Get Alerts NBR Hot Sheet
Price: $17.58 +0.40%

Rating Summary:
    24 Buy, 14 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Goldman Sachs downgraded Nabors (NYSE: NBR) from Conviction Buy to Buy with a price target of $19.50 (from $22.00). The change follows a Q2 earnings warning issued by Nabors yesterday.

"We are disappointed by the new guidance as we were confident that NBR would meet our forecast of $119mn in EBIT. We were expecting the company's manufacturing and logistics business to report about $6mn in EBIT, but we believe most likely that business returned a loss, which would explain perhaps half of the miss. The remainder of the miss was probably in the pressure pumping business, owing to inclement weather in Canada and the US Rockies," said analyst Waqar Syed.

Goldman cut its 2013/14 EPS estimate to $0.82/$1.37 from $1.04/$1.85. 2013/14 EBITDA was cut 5% & 9%, respectively.

For an analyst ratings summary and ratings history on Nabors click here. For more ratings news on Nabors click here.

Shares of Nabors closed at $16.00 yesterday.

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