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Fly News Breaks for September 25, 2019
VAL
Sep 25, 2019 | 06:20 EDT
As previously reported, RBC Capital analyst Kurt Hallead downgraded Valaris to Sector Perform from Outperform and lowered his price target for the shares to $9 from $13. The analyst notes that while activity and pricing have seen signs of "definitive improvement", the pace of recovery has been slower than anticipated, which pushed out the timeline for the company to become free cash flow positive. Hallead further contends that the "wall of worry" for Valaris relating to its debt maturities will continue, limiting upside optionality.
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