UBS Raises Price Target on Halliburton (HAL) to $50 Following 1Q Earnings
UBS reiterated a Buy rating on Halliburton (NYSE: HAL), and raised the price target to $50.00 (from $45.00), following the company's 1Q earnings report. Results were $0.01 ahead of estimates, driven by Corporate (+$0.02) and partially offset by Europe/CIS/Africa (-$0.01). North America, Latin America and Middle East/ Asia were essentially in-line with estimates.
Analyst Angie Sedita commented, "After a challenging 1 ½ years contending with DoJ it is back to business and as can be seen in the past earnings results HAL has not missed a beat. The company has remained steadily focused on its core business, and while disappointed to have the merger fail, it does not change HAL's strong outlook. The merger would have provided scale in the international markets, but has no impact on HAL's position in North America. More importantly, we expect the North American market to lead the way out of the downturn in 2017-2018 and to be the first to recover and by the greatest magnitude. We expect the international market recovery to lag by 6-12 months."
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 $40.44 yesterday.