Nabors Industries price target lowered to $45 from $47 at RBC Capital

RBC Capital lowered the firm’s price target on Nabors Industries (NBR) to $45 from $47 and keeps a Sector Perform rating on the shares. The firm notes Nabors’ Q1 EBITDA was slightly below its expectations. RBC believes the results demonstrated the year-over-year impact its SANAD newbuilds have had on margins, though it remains neutral on the stock given above-average financial leverage and lower near-term free cash flow visibility into an increasingly challenged global drilling market.