Capital One Southcoast Upgrades Halliburton Company (HAL) to Add
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Capital One Southcoast upgrades Halliburton Company (NYSE: HAL) from Neutral to Add and raises their price target from $26 to $28, saying the company is outpacing others in North America.
The firm commented, We believe HAL deserves a premium valuation due to its 1H09 performance in NA and some of the industry leading int'l growth rates. We're expanding the multiple from 9.5x to 10x, which is above the peer average but below SLB's of 11.6x and just below HAL's long-term average of 10.8x. HAL performed the best in NAM in 1H09, and it has the second best ROC in the group along with the 2nd highest cash on hand. Int'l growth is only behind WFT, but it's off a much larger base as well. We see no reason why HAL won't continue to put up superior results and believe the stock will continue to outperform over the next 3 months.
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