Natixis Bleichroeder Upgrades Halliburton (HAL) to Buy; Year of Improvements
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Natixis Bleichroeder upgrades Halliburton (NYSE: HAL) from Hold to Buy. Price target increased from $24 to $38.
Natixis analyst says, "As the energy services cycle begins anew, we are comfortable with shifting our valuation parameters to 2011, as we expect that time frame to reflect normalized top- and bottom- line performances. We anticipate that 2010 will be a transition year where initially E&P spending and drilling activity will improve, followed by higher pricing and ultimately earnings growth. However, valuation on a calendar 2010 basis will be complicated by the hangover of margin degradation that has occurred throughout 2009. Thus, 2011 is the more representative year of Halliburton's actual performance capabilities and provides a better base for valuation, in our opinion."
To see more analyst ratings on HAL Click Here.
Halliburton Company provides various products and services to the energy industry for the exploration, development, and production of oil and gas properties worldwide.
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