Morgan Stanley Reiterates Equal-Weight, Lowers Price Target On National-Oilwell Varco On More Mature Deepwater Cycle - NOV (NYSE:NOV)

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In a report published Friday, Morgan Stanley analyst Ole Slorer reiterated an Equal-Weight rating on

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National-Oilwell Varco

(NYSE: NOV), but lowered the price target from $76.00 to $53.00.In the report, Morgan Stanley noted, "The rig building cycle is now mature and NOV's earnings less defensive. We see a 50% drop in 2015 EPS, and high degree of uncertainty in 2016. Yet, we see a high level of rig attrition providing a compelling long-term bull case. We're lowering estimates meaningfully below the Street and PT to $53."National-Oilwell Varco closed on Thursday at $53.24.