Nabors Industries price target lowered to $116 from $132 at Evercore ISI

Evercore ISI analyst Jason Bandel lowered the firm’s price target on Nabors Industries to $116 from $132 and keeps an In Line rating on the shares. Due to higher capex and an EBITDA shortfall in the second half, Nabors reduced its full year free cash flow target to $225M-$250M from $300M-$350M, notes the analyst, who expects further rig margin declines through early next year from rigs repricing on contract renewals. However, it “feels like the market is somewhat underappreciating” Nabors’ improving international visibility as the duration of this cycle extends, the analyst added.