Stifel lowered the firm’s price target on NOV Inc. to $26 from $28 and keeps a Buy rating on the shares, adding that the firm sees opportunity in the pullback following the company’s “mixed” Q4 results. Shares slumped on “lackluster” Q1 guidance and full-year 2024 EBITDA guidance that was about 3%-4% below the pre-release consensus at the midpoint, notes the firm, which views rising free cash flow as “key to the story” and points out that management expects at least 50% of 2024 EBITDA will convert to free cash flow.
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