Barclays Maintains an 'Overweight' on Schlumberger (SLB); Demonstrating International Prowess

Barclays maintains an 'Overweight' on Schlumberger (NYSE: SLB) price target of raised from $106 to $110.

Barclays analyst says, "We continue to believe that Schlumberger will be a primary beneficiary of the multi-year upturn in deepwater, exploration and international spending that is in the early stages. An increase in technology introductions throughout 2011 and 2012 and a shift towards performance-based contracts are likely to result in margin growth and potentially market share gains, and we expect meaningful contribution from the Smith acquisition as the company leverages its global footprint."

"We are increasing our 2011-2013 EPS estimates to $3.85 (from $3.80), $5.65 (from $5.45) and $7.10 (from $6.80), primarily reflecting higher revenue and margin assumption for the company's Middle East & Asia business, and to a lesser extent North America."

For more ratings news on Schlumberger click here and for the rating history of Schlumberger click here.

Shares of Schlumberger closed at $93.81 yesterday.

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