BTIG analyst Gregory Lewis upgraded Borr Drilling to Buy from Neutral with a $7 price target. Jackup activity is improving and, more importantly, pricing is finally inflecting higher, the analyst tells investors in a research note. The working floater count is now at its highest level since Q1 of 2020 when it averaged 126 floaters, primarily driven by increased activity in Brazil with 24 rigs working in December, up 15% from 2022 average, Lewis adds.
Published first on TheFly
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