UPDATE: Bank of America Raises PO on Halliburton to $48, Reiterates Buy

Bank of America maintains its Buy rating on Halliburton HAL and raises its price objective by $2 to $48, mainly as valuation period rolls over. Bank of America says it is still waiting on catalysts for the company. Bank of America notes, "HAL continues to appear priced for a collapse in North American activity and margins that is unlikely to materialize, in our view. E&P capex cuts in response to low natural gas prices provide a near-term headwind, but potential positive catalysts include: (1) regular increases in the US rig count in spite of low natural gas prices; (2) lower-than-expected declines in pressure pumping margins; (3) continued international execution; and (4) a favorable Macondo settlement. We are increasing our PO to $48 from $46, or 10x NTM EPS, as the valuation period rolls forward." HAL closed at $35.44 a share yesterday.
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Posted In: Analyst ColorPrice TargetReiterationPre-Market OutlookMarketsAnalyst RatingsBank of America
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