UPDATE: BMO Capital Downgrades Halliburton (HAL) to Market Perform

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BMO Capital analyst Daniel Boyd downgraded Halliburton (NYSE: HAL) from Outperform to Market Perform with a price target of $23.00.

The analyst comments "While down 7% YTD, HAL is the best-performing large-cap energy stock over the past 1-3 months, due to a positive rate of change in frac fundamentals, macro improvements, and high short interest. Further outperformance likely requires positive estimate revisions and we expect a tepid recovery in U.S. frac despite seasonally higher demand (+20%) and attrition of ~15%. We’re lowering our 2020E EBITDA by 2.5% (5% below consensus) and FCF by 6.5% after learning that 1/2 of planned cost reductions are non-cash."

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 $24.69 yesterday.

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