UPDATE: Dahlman Rose Raises Schlumberger PT
Dahlman Rose & Co. is reporting a solid 4Q for Schlumberger (NYSE: SLB) and therefore increases PT from $82 to $96.
In the report, Dahlman Rose & Co. said, “Results in the fourth quarter were strong for Schlumberger – with revenues modestly exceeding expectations, incremental margins in North America above 50%, and international incremental margins as expected at 33%. We are maintaining our 2012 and 2013 EPS estimates at $4.95 and $6.40, respectively. Our price target is being increased to $96 per share from $82 based on the stock trading at a 35% premium (15x) to the S&P 500 multiple on 2013 estimated EPS (instead of 2012).”
Dahlman Rose & Co. reiterates its Buy rating on Schlumberger, which closed Friday at $73.80.
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