UPDATE: J.P. Morgan Moves Halliburton Company to Overweight Following Restriction Period
In a report published Tuesday, J.P. Morgan analyst J. David Anderson moved the rating on Halliburton Company (NYSE: HAL) from Not Rated to Overweight, and named a $57.00 price target.
In the report, J.P. Morgan noted, “Following a period of restriction, we are moving to an Overweight rating on Halliburton with a December 2013 price target of $57 (Overweight rating and December 2013 $54 price target prior to restriction) from a Not Rated designation...We believe HAL is exhibiting its pressure pumping cost advantage with a fleet that is 85% on long-term contracts and 75% working on 24-hour operations. With 2014 earnings revisions likely to the upside going forward, we expect multiple expansion with more investors looking toward the considerable growth in 2014 EPS amid conservative assumptions. We also think there is a free option for gas recovery, which could dramatically improve frac utilization and pricing.”
Halliburton Company closed on Monday at $48.44.
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