UPDATE: RS Platou Markets Reiterates Buy Rating, Lowers PT on National Oilwell Varco
In a report published Monday, RS Platou Markets reiterated its Buy rating on National Oilwell Varco (NYSE: NOV), but lowered its price target from $96.00 to $87.00.
RS Platou Markets noted, “National Oilwell Varco posted solid 4Q12 results with EPS adj. of USD 1.49, 3% ahead of expectations, with the only (yet important) negative surprise being a 1.5%- point sequential decline in Rig Technology margin. Management's positive order outlook for 2013 was overshadowed by a relatively weak FY 2013 margin guidance for Rig Technology. Investors reacted by sending the stock down by 4% intraday.”
National Oilwell Varco closed on Friday at $71.30.
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