UPDATE: RS Platou Markets Reiterates Buy Rating, Raises PT on National Oilwell Varco
In a report published Friday, RS Platou Markets reiterated its Buy rating on National Oilwell Varco (NYSE: NOV), and raised its price target from $100.00 to $105.00.
RS Platou noted, “We see another wave of floater newbuilds after a relatively weak 1H12. We believe 8-12 newbuild orders could materialize over the coming months, partly driven by expected changes in US safety regulations. Channel checks suggest NOV rig packages on most of these...We reiterate a Buy recommendation on National Oilwell Varco and increase our TP to USD 105 from USD 100. Our TP is based on 2013E EV/EBITDA of 8x and implies P/E of 15x.”
National Oilwell Varco closed on Thursday at $79.66.
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