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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on NOV:
- NOV Inc. shares drop 8.3% to $18.23 as company conducts conference call
- NOV Inc. sees FY24 revenue up 4%-8% y/y, consensus $9.28B
- NOV Inc. sees Energy Products and Services Q1 revenue up in MSD range y/y
- NOV Inc. sees ‘sharp’ sequential decline in XL Systems’ Q1 revenue
- NOV Inc.: Strong capital equipment deliveries not expected to repeat in Q1
