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 (NYSE: 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.

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