Benchmark downgraded Nabors Industries to Hold from Buy and removed the firm’s previous $150 price target on the shares in conjunction with the firm’s energy services 2024 outlook note. The firm expects global E&P spending to increase by 5%, oil prices to “bounce between $70-$80” per barrel and for oil demand to increase between 1.5mnb/d and 2mnb/d, notes the analyst, who thinks energy service business momentum favors international and offshore entering 2024 as U.S. growth stalls.
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