UPDATE: Morgan Stanley Reiterates On Schlumberger Limited On FCF-Based Valuation

In a report published Thursday, Morgan Stanley analyst Ole Slorer reiterated an Overweight rating on

, and raised the price target from $115.00 to $168.00. In the report, Morgan Stanley noted, “LB's EPS CAGR guidance of 17-20% through 2017 (vs. MS of 15%) came in on the back of a very realistic 6% industry spending growth estimate, with superior growth driven by technology and deepwater leadership. We see 48%/76% upside to our PT/bull-case on achievable FCF assumptions.” Schlumberger Limited closed on Wednesday at $113.85.