Cowen analyst Marc Bianchi lowered his price target on Core Laboratories to $39 and kept his Market Perform rating after its below-consensus Q4 pre-announcement and a 50% dividend cut. The analyst cites the "20% sequential completions decline" in the U.S. disclosed by the company along with the slower than anticipated progress for large international and offshore projects. Bianchi adds that Core Laboratories' Q1's international R&D should benefit from committed projects that were pushed from Q4, but he believes that the improvement is likely to be more gradual than assumed by the management.