Pritchard Equity Research Reiterates Buy On Nabors (NBR)

Pritchard Equity Research is reiterating its Buy rating and its $24 price target on shares of Nabors Industries NBR after the company reported its earnings yesterday. In the report, Pritchard Equity writes, "A continued ramp in domestic oil and liquids activity paired with a turn in NBR's International segment, which we expect to continue through 2011 as projects come on line, suggests Q2 to be a floor for the better sequential results moving forward. We reiterate our BUY rating, still liking the name for the 2011 story. Reiterating our $24 target and BUY recommendation while slightly reducing estimates. We still foresee the 2010 EPS ramp below consensus estimates but believe 2011's results will be at the high-end of expectations as International is running at full speed, the US GOM returns to a more normalized level, US Well-servicing hours trend higher, and margins gradually improve for the US Lower 48." Shares of Nabors are trading at $18.24, down 14 cents for the day.