Goldman Sachs Upgrades Nabors (NBR) to Conviction Buy

February 14, 2013 7:24 AM EST Send to a Friend
Get Alerts NBR Hot Sheet
Price: $11.49 +9.32%

Rating Summary:
    16 Buy, 15 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 24 | New: 30
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Goldman Sachs upgraded Nabors (NYSE: NBR) from Neutral to Conviction Buy with a price target of $23.00 (from $17.00), suggesting 40% upside.

Goldman sees a number of catalysts to narrow the valuation gap, including: "(1) Inflecting NAM rig activity leading to multiple expansion as in prior cycles; (2) margin inflection, as NBR is significantly under-earning with 4Q12E margins below mid-2009 levels; no other peer is that low; (3) cash release to shareholders from high FCF and stock underperformance; (4) corporate restructuring; and (5) around 15%+ IRR on our LBO screen."

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 $17.16 yesterday.


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