UBS Raises Price Target on Halliburton (HAL) After Meeting with Management
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Rating Summary:
34 Buy, 13 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 15 | Down: 8 | New: 36
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UBS reiterated a Buy rating on Halliburton (NYSE: HAL), and raised the price target to $55.00 (from $50.00), following a conversation with management. UBS cut 2Q EPS to ($0.24) from ($0.22) and reiterated 2017 EPS estimates of $0.77 assuming continued pressure in Latin America is offset by better margins in North America.
Analyst Angie Sedita commented, "We are lowering our 2016 EPS estimate on sharply lower activity in Latin America (Venezuela, Mexico, Brazil). However, we are raising our North America margin forecasts for the 2H-16 given improving frac utilization levels and substantial cost cutting (structural costs). We believe there is upside potential to our estimates driven by a recovery in US land activity and a faster than expected improvement in utilization, as well as continued cost cutting."
For an analyst ratings summary and ratings history on Halliburton click here. For more ratings news on Halliburton click here.
Shares of Halliburton closed at $45.84 yesterday.
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