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Fly News Breaks for December 3, 2019
NBR
Dec 3, 2019 | 06:45 EDT
Credit Suisse analyst Jacob Lundberg downgraded Nabors Industries to Neutral from Outperform with a price target of $2.00, down from $3.25. The analyst's liquidity analysis suggests "significant risk" in the ~2023 timeframe for the company. He believes liquidity concerns could pressure the stock in the interim period. In his base case, Lundberg sees a max shortfall of $1B in 2023, dealt with through revolver renegotiation and one-plus new debt issue. He believes this should be manageable, but his bear case has a max shortfall of $1.5B in 2023.
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