UPDATE: Bank of America Reiterates on National-Oilwell Varco as 2H14 Order Outlook is in Doubt

In a report published Tuesday, Bank of America analyst Douglas L. Becker reiterated a Buy rating on

, but lowered the price target from $93.00 to $85.00. In the report, Bank of America noted, “We are lowering our 2014 order forecast for National Oilwell Varco (NOV) to $7.8bn from $8.5bn owing to declining offshore dayrates. While our 2014 EPS estimate increases to $6.25 from $6.15 because of higher expected revenue growth and margins in Petroleum Services & Supplies, our 2015 EPS estimate declines to $6.85 from $7.15 owing to lower the lower orders. Our PO decreases to $85 from $93, or 12x 2015E EPS, in line with the NTM average since 2013.” National-Oilwell Varco closed on Monday at $79.51.