Barclays analyst Eddie Kim downgraded Nabors Industries (NBR) to Underweight from Equal Weight with a price target of $28, down from $53. The firm says that amid a challenging macro environment in the next 12 months, Nabors will see outsized activity and pricing declines in the lower 48 states and select international markets. The Sanad joint venture in Saudi is Nabors’ only real growth driver, but could also represent a risk in a cash shortfall scenario, the analyst tells investors in a research note.
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