Goldman Sachs Starts Schlumberger (SLB) at Neutral

Goldman Sachs initiates coverage on Schlumberger (NYSE: SLB) with a Neutral rating and $90 price target.

The firm said SLB is a high quality company that generally outperforms peers during sell-offs, but lags when the market is rising.

Goldman said the biggest misconception in the market is that the US land drilling and pressure pumping markets are going to weaken in 2012. However, to profit from the misconception investors are better off buying Halliburton (NYSE: HAL), Baker Hughes (NYSE: BHI) and Weatherford International (NYSE: WFT) over Schlumberger.

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

Shares of Schlumberger closed at $75.09 yesterday.

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