UPDATE: Societe Generale Reiterates Buy Rating, Lowers PT on Schlumberger Limited

In a report published Monday, Societe Generale reiterated its Buy rating on Schlumberger Limited (NYSE: SLB), but lowered its price target from $101.00 to $97.00.

Societe Generale noted, “SLB's North American (NAM) and International topline and operating results were standouts in Q3'12 earnings, materially exceeding performance of both HAL and BHI. Throughout his tenure, SLB's prior CEO and current chairman Andrew Gould repeatedly spoke about the need for excelling in execution as key to winning work in challenging market conditions. We believe the strength of SLB's Q3'12 results are a clear manifestation of SLB's sharp focus on delivering first in class execution.”

Schlumberger Limited closed on Friday at $74.00.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.