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Valaris downgraded to Neutral on 2025 EBITDA risk at Citi
The Fly

Valaris downgraded to Neutral on 2025 EBITDA risk at Citi

Citi analyst Scott Gruber downgraded Valaris (VAL) to Neutral from Buy with a price target of $47, down from $58. The firm sews EBITDA achievement risk and a weaker 2025 free cash flow yield. Valaris will need to secure additional work in 2025 in order to achieve estimates, the analyst tells investors in a research note. With moderating utilization and elevated stacking costs, Citi sees downside risk to sixth generation floating rig rates in 2025.

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