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Fly News Breaks for August 2, 2019
VAL
Aug 2, 2019 | 07:21 EDT
As previously reported, Wells Fargo analyst Coleman Sullivan downgraded Valaris to Market Perform from Outperform after he reduced his EBITDA forecasts through 2021 to account for revised rig startup assumptions, more conservative utilization and dayrate assumptions on floaters and revised cost assumptions. Sullivan, who continues to be disappointed by the lack of contracts at rates peers are able to achieve, sees the company's outlook having more inherent risk going forward, he said. He lowered his price target on Valaris shares to $9 from $23.
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