Halliburton (HAL) PT Raised to $18 at Stifel on Expectation for Growth Resuming

Stifel analyst Stephen Gengaro raised the price target on Halliburton (NYSE: HAL) to $18.00 (from $17.00) while maintaining a Buy rating.

The analyst stated "Our $18 target price is based on our detailed DCF analysis and equates to 6.2x our estimated 2022 EBITDA versus a ten-year trading range of 4 - 18x and 20% discount to the historical median. In the near term, if our expectation for gradual improvement in the U.S. market and fleet attrition does not materialize, HAL shares could underperform until visibility on resumption in growth materializes".

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