Valaris price target lowered to $35 from $46 at Barclays

Barclays lowered the firm’s price target on Valaris (VAL) to $35 from $46 and keeps an Equal Weight rating on the shares. The firm remains constructive on the long-term offshore drillers outlook, but believes white space on deepwater rigs could extend well into 2026 given a challenged supply/demand dynamics. It “conservatively” lowered day-rate assumptions and cut price targets significantly.