Jefferies maintained a Hold rating on Schlumberger (NYSE: SLB), and raised the price target to $80.00 (from $71.00), despite cutting estimates. Estimates for 2016/2017/2018 have been cut to $1.10/$1.95/$4.00 from $1.90/ $2.95/$4.65. However, Jefferies has increased confidence in the company's ability for a spending recovery.

Analyst Brad Handler commented, "We lower estimates for 2016/2017/2018 to $1.10/$1.95/$4.00 from $1.90/ $2.95/$4.65. Yet we raise our PT to $80 from $71 on greater confidence in eventual cyclical upstream spending recovery and, more importantly, on SLB's ability to convert its integrated solutions and use of its balance sheet to higher through-cycle earnings (we maintain our $6 Normalized EPS). We maintain our Hold on SLB shares on valuation."

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Shares of Schlumberger closed at $79.93 yesterday.