UPDATE: BofA/Merrill Lynch Downgrades Nabors (NBR) to Neutral

(updated to add price target and analyst comment)

BofA/Merrill Lynch analyst Chase Mulvehill downgraded Nabors (NYSE: NBR) from Buy to Neutral, price target $2.00.

The analyst steps to the sidelines citing a belief the company has too much leverage in the midst of softer US land rig count assumptions.

• Believes company missed opportunity to refi 2020 and 2021 maturities.

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 $1.65 yesterday.

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