Jefferies Reports 1Q Miss Overshadows Positive Outlook On Nabors Industries

According to Jefferies, Nabors Industries NBR 1Q miss overshadows positive outlook. Goldman Sachs said that it continues to take a bullish stance on the U.S. land rig market as it forecasts the rig count to top 1,900 rigs by YE2011 and see further growth in 2012 behind oil-directed activity. “Although NBR's international results are likely to lag in 2011, we expect North American activity to provide upside this year with international activity providing upside in 2012. As such, we are reiterating our Buy rating and $42 price target.” Nabors Industries closed yesterday at $30.29.