National Oilwell Varco reported Q2 earnings today. NOV reported non-GAAP EPS were $1.61, beating our estimate of $1.57 and streets of $1.44. Net sales came in at $5.26B, up 12% from the year ago period but coming up short from ours and the streets estimates of $5.5B. The increase in revenue is due to increased demand in North America. I updated the model as well as ran a new regression including the second quarter results. Due to what i feel was a strong quarter, I am comfortable with raising my FY2014 EPS to $5.92, which is $0.02 below street consensus. As of now I have a price target of $89 which represents an upside of about 7%.