Borr Drilling price target raised to $10 from $8 at Evercore ISI

Evercore ISI analyst James West raised the firm’s price target on Borr Drilling to $10 from $8 and keeps an In Line rating on the shares ahead of Thursday’s Q4 report, noting that 21 of its 22 delivered rigs are contracted after the company announced three jackups received new contracts and extensions worth $70M. Those pacts bring the total to $410M in new bookings over the last three months, Evercore noted, adding that leading edge dayrates have increased from the low $130s to mid-$150s and Borr is 75% contracted for the rest of 2023.