National Oilwell Varco (NOV -2.8%) is downgraded to Sector Perform with an $80 price target,...

|About: National Oilwell Varco, Inc. (NOV)|By:, SA News Editor

National Oilwell Varco (NOV -2.8%) is downgraded to Sector Perform with an $80 price target, lowered from $88, by RBC Capital, which says NOV's share price is heavily tied to rig equipment orders. The firm believes a near-to-intermediate term lull in orders may begin in 2013 as the industry digests the influx of equipment ordered in recent quarters.