Core Laboratories price target lowered to $17 from $21 at Stifel

Stifel analyst Stephen Gengaro lowered the firm’s price target on Core Laboratories to $17 from $21 and keeps a Hold rating on the shares. The firm increased 2024-25 estimates to account for further confidence in the demand outlook for International and Middle East, but notes that its lower target price is based on a “cheaper” 5.5%-6.0% free cash flow yield in line with the larger cap peers in its universe.