Wells Fargo lowered the firm’s price target on NOV Inc. (NOV) to $15 from $16 and keeps an Underweight rating on the shares. The firm says decelerating global E&P spending trends exacerbated by E&P mergers could cap or reduce service activity levels in the near term. Thus, Wells expects a late-cycle equity like NOV to lag its peers.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NOV: