After Core Laboratories lowered its guidance for both Q4 of 2019 and Q1 of 2020 and also announced a 55% reduction of its quarterly dividend, JPMorgan analyst Sean Meakim said he believes a downside surprises in NAM onshore was "more than discounted by the market" and that the weak 1Q20 outlook shouldn't impact the stock too much. However, he also believes the dividend cut has negative implications for the shares today and in the coming weeks as he views that cut as "a significant acknowledgement that (for now) in the current cycle 'what you see is what you get'," Meakim tells investors. He lowered his price target on Core Labs shares to $47 from $50 and keeps a Neutral rating on the stock, but added that he is interested to see how much the shares drop and 2021 estimates reset, stating that he still thinks "Core remains part of the OFS wheat," not the "chaff."