UPDATE: Morgan Keegan Raises PT on National Oilwell Varco to $100

Morgan Keegan is out with its report today on National Oilwell Varco NOV, raising its PT from $94 to $100. In a note to clients, Morgan Keegan writes, "The impressive order pace for new offshore drilling units continues. To date, NOV has booked 16 deepwater units and just over 20 jackups, which represents just under 30% of units announced to date (including all options). Based on NOV's leading market share and equipment packages not yet ordered/booked, we expect an influx of additional orders through 2012 and beyond. If Brazilian deepwater orders come to fruition before this time, it would lend upside to our current orders/backlog expectations. Our $100 price target is based on 18.0x our upwardly revised 2012 earnings estimate of $5.55/share. We are maintaining an Outperform rating on National Oilwell Varco." Shares of NOV closed Tuesday at $81.96.