UPDATE: Credit Suisse Downgrades National-Oilwell Varco to Neutral, Lowers PT on Waiting for Traffic to Pass

In a report published Monday, Credit Suisse analyst James Wicklund downgraded the rating on

from Outperform to Neutral, and lowered the price target from $95.00 to $77.00. In the report, Credit Suisse noted, “As a result of the double whammy of onshore and offshore market slowdowns and few near-term catalysts, we are lowering our rating on NOV from Outperform to a Neutral. NOV has traded at an average ~7x EV/EBITDA for the past six years and now it is making the transition from a growth stock to a total return stock in a market with some near-term headwinds. Our target price of 7.5x 2015 EBITDA of $77 results in our Neutral rating.” National-Oilwell Varco closed on Friday at _.