Shares of Valaris Ltd (VAL), a leading offshore drilling contractor, plummeted by 5% on Thursday, November 1st, as analysts from Susquehanna and BTIG slashed their price targets on the stock.
Susquehanna analyst Charles Minervino lowered the firm's price target on Valaris from $61 to $55, while maintaining a Neutral rating. Meanwhile, BTIG analysts took a more drastic step, reducing their price target from $90 to $60, although they kept a Buy rating on the shares.
The price target reductions by these prominent analysts appear to have weighed heavily on investor sentiment, triggering a selloff that led to Valaris' 5% share price decline. While BTIG maintained a Buy rating, the significant downward revision to their price target likely raised concerns among investors about the company's future prospects and valuation.
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