UPDATE: Credit Suisse Upgrades Nabors Industries on Strong International Execution

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

from Underperform to Neutral, and raised the price target from $12.00 to $22.00. In the report, Credit Suisse noted, “We are upgrading NBR based on strong International execution, especially in key markets like Saudi Arabia. This should continue to contribute to EPS growth throughout 2014. NBR is also expected to announce a restructuring at the conclusion of its ‘strategic review,' lending additional optimism. At this point, the catalysts are well understood by the market and are currently reflected in the valuation. Our TP goes to $22 and we increase 2014 EPS on strong international growth.” Nabors Industries closed on Monday at $22.56.