Valaris price target raised to $55 from $45 at BTIG

BTIG raised the firm’s price target on Valaris (VAL) to $55 from $45 and keeps a Buy rating on the shares as part of a broader research note on Offshore Oil Services names. There has been a flight to quality trade in offshore services over the last year, though the firm still views the ongoing slow down in drilling activity as a pause in the cycle, with 7G utilization still firm and at premium pricing versus 6G floaters, the analyst tells investors in a research note.