NOV Inc. upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Connor Lynagh upgraded NOV Inc. to Overweight from Equal Weight with a price target of $24, up from $21. NOV is the largest global supplier of oilfield services equipment, and its exposure is "thematically aligned with where we see meaningful growth," Lynagh tells investors in a research note. NOV is a critical equipment supplier to offshore drilling markets, which are reaching a "meaningful inflection after years in the doldrums," says the analyst. Lynagh sees meaningful free cash flow revisions upside for the next year.