NOV Inc. price target lowered to $16 from $19 at Raymond James

Raymond James analyst James Rollyson lowered the firm’s price target on NOV Inc. (NOV) to $16 from $19 and keeps an Outperform rating on the shares. NOV’s Q1 was largely as expected or slightly better, and longer-cycle activity generally seems to be proceeding according to plan, while the major incremental negative for NOV’s outlook is an assumed slowing of short-cycle activity, leading to softer orders, the analyst tells investors in a research note.