TD Cowen analyst Marc Bianchi maintained a Buy rating on NOV today and set a price target of $17.00.
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Marc Bianchi has given his Buy rating due to a combination of factors that suggest potential long-term value for NOV. Despite the near-term challenges such as tariff impacts and inflationary pressures affecting margins, the company’s aftermarket segment has shown resilience, and management has reiterated significant cost savings by the end of 2026.
Furthermore, while offshore project timing has been delayed, the backlog remains intact, and there is no indication of cancellations, which points to sustained demand. The valuation of NOV shares is considered attractive relative to peers, and the company’s efforts in deleveraging provide a buffer against delayed catalysts. Bianchi’s analysis also notes that while near-term order intake may be inconsistent, the potential for margin recovery in unconventional projects and international markets, particularly in Latin America and the Middle East, offers a positive outlook for the future.
According to TipRanks, Bianchi is an analyst with an average return of -0.1% and a 43.41% success rate. Bianchi covers the Energy sector, focusing on stocks such as NOV, Helmerich & Payne, and Tenaris SA.