Seaport Research lowered the firm’s price target on NOV Inc. to $23 from $25 and keeps a Buy rating on the shares. The firm compressed its target multiple after the company’s EBITDA margin for Q4 and guidance for 2024 “disappointed.” However, Seaport is a buyer of the stock here, saying its confidence in NOV’s ability to achieve its profitability goals over the rest of this cycle is intact.
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Read More on NOV:
- NOV Inc. shares drop 8.3% to $18.23 as company conducts conference call
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