Valaris price target raised to $96 from $87 at Susquehanna

Susquehanna analyst Charles Minervino raised the firm’s price target on Valaris (VAL) to $96 from $87 and keeps a Neutral rating on the shares. The firm updated its estimates following Q4 results where management expects its deal with Transocean (RIG) to close in the second half of the year. Susquehanna said they are optimistic on the deal because it positions the joint company as a leader in the offshore drilling space and aligns well with the strategic priorities of both businesses, particularly as the offshore market is showing real signs of momentum in the medium term.