Nabors Industries price target lowered to $68 from $77 at Susquehanna

Susquehanna lowered the firm’s price target on Nabors Industries (NBR) to $68 from $77 and keeps a Neutral rating on the shares. The firm previewed upcoming Q4 results for the oilfield services sector where they believe baseline expectations for E&P spending in North America have moved to flat-to-down mid-single digits, while the international market expectations are for modest-to-mid-single-digit growth. At this stage, they prefer internationally levered oilfield services companies while acknowledging the US market could move more quickly if commodity prices drive upside in spending levels. However, the North America market faces the headwind of greater technological efficiencies, requiring less rigs than ever before to produce each barrel of oil.