UPDATE: Guggenheim Securities Downgrades Nabors Industries to Neutral, Lowers PT

In a report published Monday, Guggenheim Securities downgraded its rating on Nabors Industries

from Buy to Neutral, and lowered its price target from $22.00 to $15.00. Guggenheim noted, “U.S. land rig count and day rates should weaken over the next three quarters, as NBR has less term coverage on its fleet. International recovery has slipped from 2H12 into next year because cost increases were not getting passed through in higher day rates as previously expected. The pressure pumping segment is feeling intense margin strain from lower utilization and pricing, as well as materials and latent merger integration costs.” Nabors Industries closed on Friday at $13.28.