UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Halliburton Company
In a report published Monday, Bank of America reiterated its Buy rating on Halliburton Company (NYSE: HAL), and raised its price target from $44.00 to $47.00.
Bank of America noted, “We are raising our 2013/2014 EPS estimates to $3.05/$3.90 from $2.90/$3.75 as Halliburton (HAL) boldly called 4Q12 the bottom in US land margins and expects 2013 international margins in the high-teens. While HAL has outperformed the Oil Service Index (OSX) since our 2013 outlook on Nov. 30 (+19% vs +12%), we still see upside should the US rig count increase and confirm the inflection point in North America. Our PO increases to $47 from $44 (implies 18% upside potential), which is 12x 2014E EPS and in line with the high NTM P/E multiple observed in 2012.”
Halliburton Company closed on Friday at $39.72.
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