UPDATE: Global Hunter Securities Downgrades Nabors Industries to Neutral

Global Hunter Securities reduced its rating on Nabors Industries (NYSE: NBR) from Accumulate to Neutral and lowered the price target from $17 to $16.

Global Hunter Securities noted, "We are lowering our rating to Neutral from Accumulate and price target to $16 from $17 to reflect lower estimates for the current quarter through 2013. Activity across most business lines is tracking below our prior forecast and is unlikely to meet such expectations in the out quarters given the current fundamental headwinds impacting its product lines and geomarkets. Additionally, we do not foresee much in terms of M&A or external factors to move the stock higher by year end. Lacking identifiable catalysts and with consensus estimates likely too high (~18% vs. our 2013 EPS estimate), much like its peer group, we are headed for the sidelines."

Nabors Industries closed at $15.08 on Monday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.