Jefferies Downgrades Nabors (NBR) to Underperform

Jefferies downgraded Nabors (NYSE: NBR) from Hold to Underperform with a price target of $13.00 (from $15.00), citing a lack of recovery in U.S. land market share, risk to dayrates and lower pressure pumping outlook.

The firm comments, "We lack confidence that NBR can recover significant market share in U.S. land, see some risk to our flat dayrate outlook and lower our pressure pumping outlook for '13. With disposals pushed out, streamlining or other sources of cash are harder to count on. In short we think NBR shares are at risk despite 12-month underperformance and despite apparent asset value support. We reiterate our preference within land drilling for HP (NYSE: HP)."

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 $14.53 yesterday.

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