Valaris price target lowered to $88 from $95 at Citi

Citi lowered the firm’s price target on Valaris to $88 from $95 and keeps a Buy rating on the shares following a transfer of coverage. The firm continues to think Valaris is attractive given Its high proportion of high-spec rigs rolling off contracts in 2024 and 2025 relative to peers. This should allow the company to benefit from continued offshore dayrate appreciation, the analyst tells investors in a research note.