UPDATE: Jefferies Downgrades Nabors Industries to Underperform on Market Share Outlook

Jefferies reduced its rating on Nabors Industries

from Hold to Underperform and lowered its price target from $15 to $13. Jefferies commented, "We lack confidence that NBR can recover significant market share in U.S. land, see some risk to our flat dayrate outlook and lower our pressure pumping outlook for '13. With disposals pushed out, streamlining or other sources of cash are harder to count on. In short we think NBR shares are at risk despite 12-month underperformance and despite apparent asset value support. We reiterate our preference within land drilling for HP." Nabors Industries closed at $14.53 on Wednesday.