IRVINE, Calif., Jan. 26, 2010 (GLOBE NEWSWIRE) -- C. K. Cooper & Company, an independent, full-service investment bank, headquartered in Irvine, Calif. announced today that it has initiated coverage of Nabors Industries Ltd. (NYSE:NBR).
"Nabors Industries Ltd. is the largest worldwide land driller and the world's largest well servicing/work over company in the world. We are initiating on Nabors with a SELL rating and target of $20 per share," said Lewis Kreps, Senior Research Analyst with C. K. Cooper & Company. "While we believe the company should see increasing utilization in 2010 over 2009, we don't see any land drillers having any pricing power with the current oversupply of rigs in the market."
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