UPDATE: Deutsche Bank Lowers PT to $101 on Schlumberger, Maintains Buy

Deutsche Bank maintains its Buy rating on Schlumberger

on strong outlook, but lowers its price target down $6 to $101 as it adjusts estimates to reflect caution in markets. Deutsche Bank says, "SLB is playing to its strengths in deepwater/ seismic in NA but land activity is likely to take a short-term hit given the gas price outlook. We are therefore lowering our 2012 and 2013 EPS estimates to $4.92 and $6.00 from $5.10 and $6.25, respectively. ...With the decrease in our estimates, our target price goes to $101 from $107. It is based on 10.9x 2013E international EBITDA, which is the average forward EBITDA multiple for SLB since 1995 and 8.7x 2013E North American EBITDA, which is the average peak forward EBITDA multiple for SLB (10.1x blended multiple)." SLB closed at $73.80 on Friday