Halliburton (HAL) PT Raised to $61 at Nomura Following Q3
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Nomura Securities analyst Matthew Johnston reiterated a Buy rating and lifted his price target on Halliburton (NYSE: HAL) to $61.00 (from $54.00) following Q3 results.
Johnston commented, "We continue to think HAL is the best way for investors to gain risk-adjusted exposure to an E&P spending recovery. The company has demonstrated the resilience and flexibility of its business model in North America, where 3Q results were driven by margins well in excess of expectations despite the fact that HAL only recently shifted from a successful market share grab campaign. HAL's leverage to the U.S. land market leaves it well positioned relative to large-cap peers."
FY16E EPS from ($0.19) to ($0.06); FY17E EPS from $1.33 to $1.18
Shares of Halliburton closed at $49.07 yesterday.
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