UPDATE: Credit Suisse Upgrades National-Oilwell Varco to Outperform, Raises PT on Increased Confidence

In a report published Tuesday, Credit Suisse analyst James Wicklund upgraded the rating on

from Neutral to Outperform, and raised the price target from $82.00 to $90.00. In the report, Credit Suisse noted, “We are upgrading shares of NOV to Outperform from Neutral, owing to our increased confidence in the company's 2013 orders and Rig Technology margins. Our target price increases to $90 (from $82) and is now based on 8x our new 2014 EBITDA estimate of $5.015 billion (up from $4.9 billion prior). Raising our 2013/2014 EPS estimates to $5.54 and $6.50, respectively, from $5.42 and $6.33 (+4% above '14 Consensus).” National-Oilwell Varco closed on Monday at $78.42.