NOV Inc. downgraded to Neutral from Buy at Citi

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.