Deutsche Bank Downgrades Nabors Industries (NBR) to Buy; Land Drilling Fundamentals May Lag
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Deutsche Bank downgrades Nabors Industries (NYSE: NBR) from Hold to Buy.
Deutsche analyst says, "As market deterioration has slowed and fundamentals appear to bottom, many investors are looking to renewed growth and are revisiting beaten down names with strong leverage to a recovery. History would suggest buying land drillers to capture this leverage and the market has followed this tried and true "playbook." While we generally agree that the outlook for the group is improving, we believe the fundamental follow-through on "gas beta" names will be disappointing and are downgrading NBR to HOLD from BUY to underscore this notion.
To see more analyst ratings on NBR Click Here.
Nabors Industries Limited (Nabors) is a global land drilling contractor, approximately 528 actively marketed land drilling rigs.
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