Piper Sandler Maintains Neutral Rating for NOV: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
Piper Sandler has maintained its Neutral rating on NOV (NYSE:NOV) but lowered its price target from $25.00 to $22.00. NOV's shares have fallen 0.75% in the last 24 hours to $17.09. A price target of $22.00 represents a 28.73% increase from the current price. NOV is a global leader in supplying oil and gas drilling equipment, with over 60% of its revenue coming from international markets.
February 20, 2024 | 5:00 pm
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Piper Sandler maintains Neutral rating on NOV, lowers price target from $25 to $22. Shares down 0.75% to $17.09, with a potential 28.73% upside to the new target.
The maintenance of a Neutral rating by Piper Sandler, despite lowering the price target, suggests a cautious but not pessimistic view on NOV's future performance. The reduction in the price target could reflect adjustments in market conditions or expectations for the company's performance. However, the potential for a 28.73% increase to the new target price indicates underlying optimism about NOV's ability to recover and grow. The impact on NOV's stock price in the short term is likely neutral, as the market has already reacted to the new price target with a slight decrease in share price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100