JPMorgan analyst Arun Jayaram upgraded NOV Inc. to Overweight from Neutral with a price target of $25, up from $22. The company will benefit from rising international and offshore activity, technology offerings that are helping to boost efficiency gains in the field, and higher consumption of after-market spare parts as the cannibalization of excess equipment in the field has largely run its course, the analyst tells investors in a research note. The firm expects a “strong” free cash flow inflection point in 2024 and 2025 for NOV, improving to $675M and $697M, respectively, versus $250M in 2023.
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