Morgan Stanley analyst Joe Laetsch downgraded NOV Inc. (NOV) to Equal Weight from Overweight with a $16 price target Relative to global peers, NOV has similar exposure to North American and International onshore trends, but is less levered to oil and gas production opex, which is “a resilient and steady growth area, and non-upstream spending, the analyst tells investors while assuming coverage of North America Energy Services & Equipment.
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