Halliburton (HAL) PT Lowered to $67 at Seaport Global Securities

Seaport Global Securities lowered its price target on Halliburton (NYSE: HAL) to $67.00 (from $72.00) while maintaining a Buy rating.

Analyst Mark Brown comments "The company is accelerating its reactivation cadence and nearly doubling the capacity redeployed, hence upfront cost pressures will be more pronounced. However, the crew training and equipment reactivation cost impacts that have in part prompted HAL to guide down on Q1:17 are clearly temporary, in our opinion. Further, we support this all-in strategy as it gives HAL a more dominant NAM position relative to crowded-out smaller competitors. As a corollary, we consider the change in approach a modestly negative read-through for smaller-cap competitors."

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