UPDATE: Jefferies Raises PT on Schlumberger Following 2Q13 Earnings

In a report published Monday, Jefferies analyst Brad Handler reiterated a Buy rating on Schlumberger SLB, and raised the price target from $86.00 to $97.00.

In the report, Jefferies noted, “SLB impresses with its consistency. We raise our PT to $97 from $86, effectively raising our target multiple (although our PT remains DCF-based) to reflect confidence in the medium term growth outlook. We accept that management is signaling a somewhat more aggressive approach to returning cash and expect share buybacks to be a more relevant part of the conversation over the next two years. Maintain Buy.”

Schlumberger closed on Friday at $82.74.