Nabors Industries price target lowered to $130 from $140 at RBC Capital

RBC Capital lowered the firm’s price target on Nabors Industries to $130 from $140 and keeps a Sector Perform rating on the shares. The company’s Q3 results were “soft”, and the firm is cutting its price target as Nabors cut its FY23 free cash flow outlook to $225M-$250M from $300M-$350M, the analyst tells investors in a research note. Nabors’s International and NDS businesses are differentiated from most peers, but RBC remains neutral on the stock given above-average financial leverage and softer near-term U.S. rig activity, the firm added.