UPDATE: Credit Suisse Initiates National-Oilwell at Neutral on Limited Upside to Valuation

Credit Suisse initiated coverage on National-Oilwell NOV with a Neutral rating and a $72.00 price target. Credit Suisse noted, "NOV Is a Great Company: And it truly is one company, which is impressive considering its origins and history. Since 2004, the company's market cap is up 1100%, which is twice the growth of the nearest rivals, both of which are equipment manufacturers as well. If ever our industry truly had a 900-lb. gorilla, this is it. But while great companies can stay great and get better over time, their share prices are much more volatile, with factors outside of management influence causing fluctuations in valuation, with the latest raising concerns about long-term organic growth." National-Oilwell closed at $74.14 on Thursday.