UPDATE: Canaccord Genuity Downgrades Nabors Industries to Hold on Weaker Outlook

Canaccord Genuity downgraded its rating on Nabors Industries

from Buy to Hold and reduced its price target from $22 to $18. Canaccord Genuity said, "NBR released adjusted EPS of $0.38, in line with guidance pre-released to the market on July 17. However, we have become more pessimistic regarding our outlook for the company's land drilling and international divisions and are lowering our 2012/13 EPS estimates from $1.96/$2.25 to $1.81/$1.80. Maintaining the 10.0x 2013E EPS multiple we use to derive our target price for both NBR and its land drilling peers, our target price falls to $18.00 (previously $22.00) based on our revised EPS estimates. Based on modest return potential to our new target price relative to peers, we our downgrading our rating to HOLD." Nabors Industries closed at $13.40 on Wednesday.