Citi downgraded NOV Inc. (NOV) to Neutral from Buy with a price target of $18, down from $21. The global drilling slowdown has intensified over the past few months, the analyst tells investors in a research note. The firm says offshore drillers have begun to stack previously active rigs while the land drillers don’t see much recovery in the U.S. next year, leading both groups to reduce capex. As the leading provider of rig equipment and a key supplier of ancillary products/services, this is a clear headwind to NOV, contends Citi.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on NOV:
- NOV Inc. price target lowered to $15 from $16 at Wells Fargo
- NOV Inc. price target lowered to $16 from $17 at Barclays
- NOV Inc. price target lowered to $25 from $27 at Evercore ISI
- NOV Inc. price target lowered to $24 from $25 at Stifel
- NOV Inc. price target lowered to $22 from $28 at TD Cowen
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
