Citi analyst Scott Gruber upgraded National-Oilwell Varco (NYSE: NOV) from Neutral to Buy with a price target of $28.00 (from $23.00).

The analyst comments "Given the quality of NOV’s business and leverage to the recovery abroad, we believe NOV is attractive, even after the pop. Thus we raise our target price to $28, which largely reflects the increase in our cash flow forecasts along with a bump in our EV/EBITDA multiple to 10x given greater forecast FCF."

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 $23.02 yesterday.