Sterne Agee Maintanis Buy on National Oilwell Varco on CE Franklin Acquisition
Sterne Agee reiterates its Buy rating and $89 price target on National Oilwell Varco (NYSE: NOV)
Sterne Agee notes, "We believe that NOV's pending acquisition of CE Franklin is a modest plus for the shares. The transaction follows the recently announced Wilson transaction, expands NOV's presence in Canada and should generate positive returns. In addition, given NOV $3.4 billion cash balance, it does not impact the company's ability to pursue other transactions."
NOV closed at $67.19 on Wednesday.
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