Citi downgraded Seadrill (SDRL) to Neutral from Buy with a price target of $35, down from $42. The firm downgraded the shares as part of its 2026 outlook for the oil and gas equipment and services group. Citi believes the offshore drillers are at risk of contract resets in Brazil and softness in rates as they book 2027 rig time during 2026. It sees Seadrill’s valuation as fair at current levels.
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