Valaris price target lowered to $45 from $60 at BTIG

BTIG lowered the firm’s price target on Valaris (VAL) to $45 from $60 and keeps a Buy rating on the shares as part of a broader research note on Energy. The firm warns that while offshore drilling activity picked up in April , floater activity was down 1 rig y/y and the comps get tougher into the summer, the analyst tells investors in a research note. BTIG further contends that offshore drilling activity will continue to limp along over the next 12 months with pricing continuing to fade.