XPRO - Core Labs cut to Sell equivalent at Piper Sandler after nearly 50% YTD run-up
Core Laboratories (NYSE:CLB) slides nearly 2% after Piper Sandler downgraded shares to Underweight from Neutral even as it raises its stock price target to $21.30 from $19.50, saying the stock's nearly 50% YTD gain has left its valuation less attractive than peers. Among other small-to-midcap offshore exposed oilfield services stocks (OIH), Piper Sandler analyst Ian Macpherson raises PTs for Overweight rated Helix Energy Solutions (HLX) to $7.25 from $6.30, Oceaneering (OII) to $25 from $22.50, and Oil States International (OIS) to $10 from $8, as well as for Neutral rated Transocean (RIG) to $3.85 from $3, and Expro (XPRO) to $22.50 from $20.50. Core Labs (CLB) is well positioned to benefit from the ramp up of what could be a multi-year capex cycle in the oil and gas sector, and the stock has continued to rise even after the company cut Q1 guidance last month citing the Russia-Ukraine conflict, BOOX Research
For further details see:
Core Labs cut to Sell equivalent at Piper Sandler after nearly 50% YTD run-up