UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Halliburton Company

In a report published Monday, Deutsche Bank reiterated its Buy rating on Halliburton Company

, and raised its price target from $51.00 to $54.00. Deutsche Bank noted, “HAL's focus going into 2013 remains on capital discipline in its approach to growth with an eye toward increasing free cash flow generation. In North America, margins likely bottomed in Q4 as HAL works through its high priced guar inventory, onshore activity rises at the leading edge and the GoM continues its upward march at very high margins. After the normal seasonal decline in Q1, we expect international to continue to move higher with margins inflecting to the upside over the course of the year driven by higher volumes against better fixed cost absorption improving mix (deepwater), old/ low margin contracts running off and a nascent pricing recovery. BUY.” Halliburton Company closed on Friday at $39.72.