UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on National Oilwell Varco

In a report published Friday, Jefferies & Company reiterated its Buy rating on National Oilwell Varco

, but lowered its price target from $94.00 to $90.00. Jefferies noted, “Recent share weakness (NOV is down 700 bps vs. the OSX in the last three weeks) creates an attractive relative opportunity, in our view. We think order fixation is overblown and anyway the prospect for a flat 2013 with 2012 and for growth beyond (growing contribution from non-rig sources) is reasonable. U.S. headwinds are relevant (and new) but modest and do not undermine our view of $9 in EPS power.” National Oilwell Varco closed on Thursday at $74.88.