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Fly News Breaks for December 2, 2019
VAL
Dec 2, 2019 | 16:10 EDT
BTIG analyst Gregory Lewis downgraded Valaris to Neutral from Buy without a price target. While the offshore recovery is underway, the pace of the recovery has been slower than expected, Lewis tells investors in a research note. Further, the 10 contracts Valaris announced last week "only" increased its backlog by $285M, adds the analyst, who would have expected the contracts to generate backlog closer to $350M based on implied market rates. He sees no "quick fix" for the company.
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