Piper Sandler lowered the firm’s price target on NOV Inc. (NOV) to $16 from $18 and keeps a Neutral rating on the shares. The firm notes the company reported solid Q1 results, 2% above consensus, coupled with elevated free cash flow, but the outlook understandably underwhelmed as management guided second half of 2025 results to be up modestly 1%-2% vs. first half of 2025 on flat EBITDA margins, which lowered Piper’s 2025 EBITDA by 10%. Further, management quantified their expected tariff impact to range $8M-$10M in Q2 and represent $15M/quarter in the second half of 2025.
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