UPDATE: Jefferies Upgrades Nabors Industries Ltd. to Buy, Raises PT on Multiple Positive Factors

In a report published Thursday, Jefferies analyst Brad Handler upgraded the rating on

from Hold to Buy, and raised the price target from $28.00 to $31.00. In the report, Jefferies noted, “A combination of worldwide rig opportunity, recent quarters' drilling performance and catalyst in the form of strategic review announcement drives our upgrade of NBR to Buy from Hold despite strong YTD share performance that we think reflects market optimism vs. corporate change (shares are up 49% YTD vs. land peers' up 29% but are flat from late March). We raise 2015E EPS to a Street-high $2.50.” Nabors Industries Ltd. closed on Wednesday at $25.33.