Stock Track | Valaris Plummets 5.04% as Barclays Cuts Price Target on Offshore Drilling Outlook

Stock Track02-26

Valaris Ltd stock fell sharply on Tuesday morning, plummeting 5.04% in the pre-market session. This sell-off comes after Barclays lowered its price target on the offshore drilling contractor.

Barclays cut its price target on Valaris to $46 from $49, while maintaining an Equal-Weight rating. The investment bank cited updated estimates on the offshore drilling industry as the key reason behind the price target reduction.

"We have lowered our price target on Valaris to reflect a more conservative outlook for offshore drilling activity levels in the near-term," Barclays stated in its research note. However, the firm believes Valaris remains well-positioned to benefit from an eventual recovery in offshore spending.

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