DMC Global price target lowered to $28 from $30 at Stifel

Stifel analyst Stephen Gengaro lowered the firm’s price target on DMC Global to $28 from $30 and keeps a Buy rating on the shares. Entering 2024, Stifel believes the risk-reward ratio in the oil service stocks sector is favorable, with 95% of the names covered by the firm trading below the five-year median forward EV/EBITDA multiple, the analyst tells investors. Following a lackluster Q4 and uncertainty around the activity growth in the U.S. land market, the firm is reducing its 2024 activity assumptions, but expects growth throughout the year.