UPDATE: Deutsche Bank Raises Target on Nabors Industries to $30

Deutsche Bank increases its price target on Nabors Industries NBR to $30 from $27 as new CEO lays out plans for the future. Deutsche Bank says, "NBR's new CEO did a good job of laying out plans for restructuring and, more importantly, divesting non-core assets. Now the key will be executing on these plans. NBR is well positioned to benefit from continued strength in North America. International appears to be bottoming out and is likely to be a meaningful contributor by the end of 2012. That said, leverage to natural gas market poses cyclical risk and the magnitude of the restructuring is still unclear. Despite upside to our target, this mixed outlook leaves with a HOLD rating." NBR closed at $20.62 a share yesterday.