Halliburton (HAL) PT Raised to $60 at Cowen

Cowen raised its price target on Halliburton (NYSE: HAL) to $60.00 (from $55.00) while maintaining a Market Perform rating following Q4 results.

Analyst Marc Bianchi commented, "HAL o/p the OIH 330bp owing to prior YTD u/p and the company reiterating normalized 20% NAm margins target. The company added a handful frac fleets in 4Q. Our '18-20 EBITDA estimates move up by ~4%, while EPS up ~15% on lower taxes. With HAL trading in-line with the historical 4x discount to SLB while international markets are inflecting and NAm growth slows, we maintain our Market Perform rating."

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