TD Cowen analyst Marc Bianchi lowered the firm’s price target on NOV Inc. (NOV) to $22 from $28 and keeps a Buy rating on the shares. The firm said the company’s 4Q guide was worse than feared as mix weighs on margins and commentary suggested a sluggish 1H as offshore drilling customers may slow spending amid contract gaps.
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Read More on NOV:
- NOV Inc. price target lowered to $21 from $22 at Susquehanna
- NOV Inc. sees 2024 adjusted EBITDA at lower end of previous $1.10B-$1.18B view
- NOV Inc. reports Q3 EPS 33c, consensus 36c
- NOV Inc. sees Q4 revenue growth down 3%-5% vs. last year, consensus $2.36B
- National Oilwell options imply 4.3% move in share price post-earnings