Stifel analyst Stephen Gengaro lowered the firm’s price target on Cactus to $60 from $68 and keeps a Buy rating on the shares. Entering 2024, Stifel believes the risk-reward ratio in the oil service stocks sector is favorable, with 95% of the names covered by the firm trading below the five-year median forward EV/EBITDA multiple, the analyst tells investors. Following a lackluster Q4 and uncertainty around the activity growth in the U.S. land market, the firm is reducing its 2024 activity assumptions, but expects growth throughout the year.
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Read More on WHD:
- Cactus price target lowered to $57 from $60 at Barclays
- Cactus price target lowered to $55 from $59 at Piper Sandler
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- Cactus reports Q3 EPS 80c, consensus 84c
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