Valaris upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded Valaris to Overweight from Equal Weight with a price target of $106, up from $84. Despite the recent selloff in offshore driller stocks, the firm remains positive on the group ahead of the “next wave of multi-year contract announcements” set to begin in Q4. The pullback presents an attractive entry point as fundamentals remain firmly intact, the analyst tells investors in a research note.