Schlumberger (SLB) Numbers Rasied at Jefferies Post Q2
Jefferies boosted estimates and its price target on Buy-rated Schlumberger (NYSE: SLB) from $86 to $97 following Q2 results.
Analyst Brad Handler weighs in: "SLB impresses with its consistency. We raise our PT to $97 from $86, effectively raising our target multiple (although our PT remains DCF-based) to reflect confidence in the medium term growth outlook. We accept that management is signaling a somewhat more aggressive approach to returning cash and expect share buybacks to be a more relevant part of the conversation over the next two years."
The firm raised Q3 EPS from $1.16 to $1.23 and FY 2013 EPS $4.60 to $4.65.
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 $78.48 yesterday, with a 52 week range of $66.85-$83.55.
Analyst Brad Handler weighs in: "SLB impresses with its consistency. We raise our PT to $97 from $86, effectively raising our target multiple (although our PT remains DCF-based) to reflect confidence in the medium term growth outlook. We accept that management is signaling a somewhat more aggressive approach to returning cash and expect share buybacks to be a more relevant part of the conversation over the next two years."
The firm raised Q3 EPS from $1.16 to $1.23 and FY 2013 EPS $4.60 to $4.65.
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 $78.48 yesterday, with a 52 week range of $66.85-$83.55.