Valaris price target raised to $90 from $80 at BTIG

BTIG analyst Gregory Lewis raised the firm’s price target on Valaris to $90 from $80 and keeps a Buy rating on the shares as part of a broader research note on Offshore Drillers. The offshore driller market is experiencing an ongoing upcycle, with leading edge drillship dayrates having more than doubled since early 2021 to over $450K per day, their highest level since 2015, the analyst tells investors in a research note. BTIG further states that with drillship dayrates comfortably above $400K, more drillship reactivations should be coming this year.