JPMorgan downgraded NOV Inc. (NOV) to Neutral from Overweight with a price target of $15, down from $17, post the Q2 report. The downgrade does not reflect concerns around NOV’s execution or free cash flow generation, the analyst tells investors in a research note. The firm cites macro headwinds, which are causing delays to deepwater activity, declines in global drilling activity, slowing orders for capital equipment and tariff headwinds for the downgrade.
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