UPDATE: Dahlman Rose & Co. Says National Oilwell Varco is Performing like a Honey Badger; Increases PT

Dahlman Rose & Co. released a research report today that showed National Oilwell Varco's (NYSE: NOV) 4Q was driven by stronger revenues and earnings in the Rig Technology segment.

“As CFO Clay Williams said, the company "performed like a honey badger." We are raising our 2012 and 2013 EPS estimates from an above-consensus $6.00 and $7.50 to $6.15 and $7.70, respectively. Our price target is being increased to $103 per share from $92 which represents a 20% premium to the consensus market multiple of 11x 2013 earnings,” Dahlman Rose & Co. commented in the report.

Dahlman Rose & Co. maintains its Buy rating on National Oilwell Varco, which closed Friday at $82.14.