Core Laboratories (CLB) PT Raised to $21 at Cowen

Cowen analyst Marc Bianchi raised the price target on Core Laboratories (NYSE: CLB) to $21.00 (from $20.00) while maintaining a Market Perform rating.

The analyst commented, "CLB outperformed the OIH by 85bps after a 1Q beat but weaker than expected FCF. International commentary remains positive with a growing list of new projects. While guided 2Q revenue growth appears robust, cost absorption relating to furlough program unwind weighs on incremental margins in the near to mid-term and therefore limits any positive revision to our estimates. Maintain Market Perform."

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