UPDATE: Guggenheim Upgrades Nabors Industries

According to a research report published this morning, Guggenheim has upgraded Nabors Industries NBR from Neutral to Buy. Guggenheim commented in the report, "Our upgrade of Nabors Industries to Buy from Neutral (target $22) is first and foremost a valuation call, supported by a detailed sum of the parts NAV and DCF analysis. We believe the stock will be rerated over the next 12 months as improving U.S. gas market fundamentals and expanding international margins prompt investors to consider how oversold the stock has become relative to the company's underlying asset value and strong cash flow. With a fullcycle risk-reward of roughly 1:5, we believe the Buy rating is now warranted." Nabors Industries is currently trading at $13.76.