UBS maintains a 'Buy' on Halliburton (HAL); North American Margins Under "Pressure"

UBS maintains a 'Buy' on Halliburton (NYSE: HAL) price target lowered from $51 to $48.

UBS analyst said, "HAL continues to execute well across all fronts. We are encouraged by the positive guidance on International margins (slightly higher than our forecast); however on-going cost issues in NAM will take a near-term toll. We had not believed that NAM margins would collapse, however we are forecasting modest margin pressure late ‘12. Earnings risk is more than discounted into valuations; however we believe pressure pumping capacity concerns will continue to overhang the sector."

UBS slightly raises FY12 EPS estimate from $3.77 to $3.79, but FY13 lowered 7% to $3.95.

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

Shares of Halliburton closed at $35.44 yesterday.

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