RBC Capital analyst Keith Mackey downgraded NOV Inc. (NOV) to Sector Perform from Outperform with an unchanged price target of $21. The firm sees a less compelling risk/reward opportunity at current share levels. NOV earns 15%-20% of its revenue from the Middle East, but its product-based business is subject to inflationary pressures from transportation cost increases which can be difficult to pass-through in real time, the analyst tells investors in a research note.
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