Core Laboratories price target lowered to $16 from $17 at BofA

BofA lowered the firm’s price target on Core Laboratories to $16 from $17 and keeps an Underperform rating on the shares. Oilfield services’ year-to-date strength hides cross currents in upstream capex, but the firm thinks Saudi’s about face on its oil MSC expansion has minimal impact on 2024-25 D&C spending and thinks that peak international spending concerns are “overblown,” the analyst tells investors in a research Q1 preview for the oilfield services group. However, Core Laboratories’ price target change is due to lower 2024-26 estimates, the analyst noted.