JPMorgan analyst Arun Jayaram lowered the firm’s price target on NOV Inc. to $22 from $23 and keeps an Overweight rating on the shares as part of Q3 earnings preview. Despite signs that solid inbound order activity is set to continue, weaker activity trends concentrated in North America could push NOV’s Q3 profitability toward the lower end of the EBITDA guidance range, the analyst tells investors in a research note. However, the firm expects the company’s solid inbound order trends to continue.
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