Seaport Research lowered the firm’s price target on NOV Inc. to $21 from $23 and keeps a Buy rating on the shares. Global oil fundamentals are weakening further on China’s slowdown, OPEC’s overhang, and U.S. shale’s productivity, the analyst tells investors. The firm notes NOV’s management needs to make a convincing case that the combination of the company’s offshore customers’ spending ramp and self-help initiatives will keep the company on track for its EBITDA margins, free cash flow conversions, and return of capital objectives.
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- Wells Fargo cuts NOV Inc. to Underweight, sees market conditions as unfavorable
- NOV Inc. downgraded to Underweight from Equal Weight at Wells Fargo
- NOV Inc. price target lowered to $23 from $25 at Morgan Stanley
- NOV Inc. Secures New Credit Facility and Terminates Old Agreement
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