Credit Suisse Downgrades National-Oilwell Varco (NOV) to Underperform

Credit Suisse downgraded National-Oilwell Varco (NYSE: NOV) from Neutral to Underperform with a price target of $43.00 (from $60.00).

Analyst J. Wicklund calls it the most negatively impacted stock by the many negative data points coming through the firm's 2-3 year outlook. The analyst expects the company's RIG systems business (44% of 2014 EBIT) will be negatively impacted by an expected lack of new deepwater rig orders through 2016 and its exposure to the North American, and international, activity slowdown due to the lower oil price.

For an analyst ratings summary and ratings history on National-Oilwell Varco click here. For more ratings news on National-Oilwell Varco click here.

Shares of National-Oilwell Varco closed at $57.70 yesterday.

You May Also Be Interested In

• RBC Capital Downgrades Range Resources (RRC) to Sector Perform
• Stifel Downgrades Caterpillar (CAT) to Hold
• Boston Beer Company (SAM) PT Raised to $335 at Jefferies