Jefferies analyst Brad Handler raised estimates and his price target on Buy-rated Halliburton (NYSE: HAL) to $86.00 (from $75.00) following Q2 results.

Handler said, "We raise estimates on flow through of HAL's strong 2Q in NAM and its frac capacity additions in '14 (we now estimate ~750k HHP), which enhances near term growth visibility. The new $6B repo authorization doesn't surprise but reflecting FCF confidence is still a plus, in our view. We raise our PT to $86—equivalent to a multiple of 15.5x our 2015E EPS, which is in line with HAL's prior cycle average relative P/E and arguably still conservative."

The firm raised FY 2014 EPS from $4.05 to $4.15 and FY 2015 EPS from $5.25 to $5.55.

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Shares of Halliburton closed at $71.00 yesterday.