Jefferies reiterated a Hold rating on Schlumberger Ltd. (NYSE: SLB), and raised the price target to $88.00 (from $85.00), following the company's 2Q earnings report.

Analyst Brad Handler commented, "SLB has both called effective bottom and refocused investors on the earnings potential of its transformation program with its >65% incremental margin commitment. SLB's recent history, especially pre-downturn, gives confidence in such targets; overlaying our (likely below consensus) revenue recovery outlook, we raise estimates on higher margins, which lifts our PT to $88 from $85."

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Shares of Schlumberger closed at $81.61 yesterday.