Goldman Sachs Upgrades Schlumberger (SLB) to Buy

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Goldman Sachs upgraded Schlumberger (NYSE: SLB) from Neutral to Buy with a price target of $95.00 (from $88.00).

The firm said SLB is uniquely positioned to benefit disproportionately from three major trends: (1) a pick up of international margins and pricing given increasing activity both onshore and offshore (global floater rig count is already up 18% from 4Q11 levels, implying strong activity levels); (2) increases in Russian drilling activity, where SLB is particularly strong; and (3) an improvement in the global seismic market.

The firm raised FY12 EPS from $4.17 to $4.27, FY13 from $5.06 to $5.27 and FY14 from $6.21 to $6.49.

For an analyst ratings summary and ratings history on Schlumberger click here. For more ratings news on Schlumberger click here.

Shares of Schlumberger closed at $68.25 yesterday, with a 52 week range of $54.79-$94.96.

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