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Canaccord Genuity Reiterates a 'Buy' on Nabors (NBR); Q4 In-Line, Looking Ahead to International Rebound

February 23, 2012 9:30 AM EST
Get Alerts NBR Hot Sheet
Price: $86.33 -1.85%

Rating Summary:
    11 Buy, 17 Hold, 10 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Canaccord Genuity reiterates a 'Buy' on Nabors (NYSE: NBR) price target raised to $28.00.

Analyst, John Tasdemir, said, "NBR reported in-line operational results, but higher rates in North American businesses were a positive. Given some of its past execution issues, we were happy to see an in-line result but more importantly a cleaner quarterly result with fewer one time charges. We reiterate our rating as we look ahead to International starting to rebound later in the year, impact from higher rates in North American businesses in our model, better activity levels in Alaska, and room for NBR to improve operational efficiencies. We are leaving our 2012E EPS the same at $2.20 as a higher tax rate offsets some of the impact and are increasing our 2013 estimate by 10c to $2.95."

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 $21.78 yesterday.


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