Morgan Keegan Lowers PT on National Oilwell Varco to $84

Morgan Keegan is out with its report today on National Oilwell Varco NOV, lowering its PT to $84 from $100. In its report, Morgan Keegan writes, "We are lowering our price target for National Oilwell Varco to $84 from $100. Our revised price target is based on around 15.0x our unchanged 2012 earnings estimate of $5.55/share. Given the market's recent performance/volatility, we are comfortable lowering our target multiple to 15.0x from 18.0x. With NOV's historical market share, and given that a majority of drilling equipment remains to be ordered, we are maintaining an Outperform rating on National Oilwell Varco." At the time of posting, shares of NOV were trading pre-market at $69.20, down 1.55% from Monday's close.