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Fly News Breaks for November 4, 2019
Nov 4, 2019 | 16:54 EDT
Goldman Sachs analyst Sahar Islam downgraded Hunting (HNTIF) to Sell from Neutral with a price target of 385 pence, down from 602 pence. The analyst believes the U.S. onshore slowdown will offset any recovery in international. The U.S. onshore market slowdown is not new, but the market thinks it is temporary for the U.S. exposed European oilfield names, Islam tells investors in a research note. The analyst, however, thinks the slowdown is structural and will continue into next year. The most exposed names Islam covers to U.S. onshore are Hunting, Tenaris (TS) and Vallourec (VLOWY). The analyst keeps a Buy rating on Vallourec and reiterates a Sell rating on Tenaris with a price target of $20.60, down from $28.50.
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