Nabors Industries price target lowered to $45 from $53 at Susquehanna

Susquehanna analyst Charles Minervino lowered the firm’s price target on Nabors Industries (NBR) to $45 from $53 and keeps a Neutral rating on the shares. The firm updating its model following the completion of Nabor’s acquisition of Parker Wellbore. The Parker acquisition adds Quail Tools, while also adding some US and international rigs. The company expects the acquisition to add $190mn of run-rate EBITDA inclusive of synergies, while being free cash flow accretive in year 1.