NOV Inc. price target lowered to $17 from $20 at JPMorgan

JPMorgan lowered the firm’s price target on NOV Inc. (NOV) to $17 from $20 and keeps an Overweight rating on the shares. Despite a Q1 beat that featured strong free cash flow conversion, NOV shares dropped, reflecting a softer Q2 outlook and full-year guidance reduction relative to consensus expectations, the analyst tells investors in a research note. The firm believes NOV continued to dispel some concerns around offshore trends in the deepwater.