Valaris price target lowered to $55 from $61 at Susquehanna

Susquehanna analyst Charles Minervino lowered the firm’s price target on Valaris (VAL) to $55 from $61 and keeps a Neutral rating on the shares. The firm updated its model following its Q3 report and noted its floater availability is coming up against a potential air pocket in contracting activity, and the decision to warm-stack two floaters, their outlook assumes more downtime between contracts than previously.