Alliance Global Partners lowered the firm’s price target on Drilling Tools to $7.50 from $8.50 and keeps a Buy rating on the shares to reflect lower estimates after the company reported a Q2 miss and guidance revisions below expectations and announced the closing of its Superior Drilling Products acquisition along with its Q2 results. The firm continues to like the company’s strong business model with higher margins, low leverage, positive free cash flow and upside optionality in the M&A market, the analyst tells investors.
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