Schlumberger (SLB) PT Raised to $38 at Stifel

Stifel analyst Stephen Gengaro raised the price target on Schlumberger (NYSE: SLB) to $38.00 (from $37.00) while maintaining a Buy rating.

The analyst commented, "Expanding margins and robust FCF generation highlighted SLB's 2Q21 print. Management provided positive commentary around continued margin expansion, free cash generation, and revenue growth in both North America and international regions, and recent performance is increasing our confidence in SLB's ability to deliver rising earnings and cash flow over the next few years. We reiterate our Buy rating, SLB remains a member of the Stifel Select List, and we are raising our target price to $38 from $37 based on 11.2x our 2022 EBITDA forecast."

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