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National Oilwell Varco (NOV +0.6%) is downgraded to Buy from Strong Buy with an $83 price...

National Oilwell Varco (NOV +0.6%) is downgraded to Buy from Strong Buy with an $83 price target, down from $105, at ISI Oil Services, which cites the maturing newbuild cycle as being behind a slowing down in NOV's forecast performance. The firm bases its lower price on 11.5x its revised 2014 EPS estimate.
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