Valaris price target lowered to $102 from $105 at Barclays

Barclays lowered the firm’s price target on Valaris to $102 from $105 and keeps an Overweight rating on the shares. Despite white space and negative data points likely to come through for the offshore drillers, the medium-term outlook is stronger than it was a month ago, the analyst tells investors in a research note. The firm “conservatively” lowered dayrate assumptions but still see significant upside across some names at current share levels.