SLB (SLB) PT Raised to $57 at Raymond James

Raymond James analyst James Rollyson raised the price target on SLB (NYSE: SLB) to $57.00 (from $52.00) while maintaining a Outperform rating.

The analyst comments "It was a generally solid quarter to finish the year, as a strong topline performance (driven especially by Digital and Production Systems) aided a low-single digit EBITDA beat. FCF was perhaps the star performer in the quarter at ~$2.3 billion to drive FY25 FCF of +$4 billion and allow SLB to deliver on its promise of returning a like amount to shareholders. The outlook for 1Q26 was sequentially softer after such a strong 4Q25 performance, but FY26 revenue and EBITDA guidance generally bracketed Street expectations perfectly. The tone on the call was much like last quarter, with an inflection in international activity throughout 2026, and offshore activity, perhaps in late 2026, was reiterated. The capex budget remained conservative at $2.5 billion, only a slight increase over FY25 levels, despite a full year of ChampionX. FY26 shareholder capital returns were reiterated at +$4 billion, following a 3.5% increase in the quarterly dividend and expectations of a similar share repurchase level. We maintain our Outperform rating with an updated 12-month target price of $57/share, noting that a lot of near-term optimism has been priced in as we watch how the year unfolds."

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