UPDATE: Bank Of America Reiterates On Schlumberger Limited Amid Oil Price Weakness

In a report published Monday, Bank of America analyst Douglas L. Becker reiterated a Buy rating on

, but lowered the price target from $127.00 to $125.00. In the report, Bank of America noted, “Schlumberger (SLB) continues to make progress on its corporate transformation – key to hitting its unchanged 2017 EPS target of $9-$10– through lower capital requirements, less non-productive time (NPT) and accelerated share repurchases. Critically, international revenue growth is expected to be ~5% in 2015, similar to 2014 despite macro/oil price concerns as some headwinds turn to tailwinds next year. We're reducing our 2015/2016 EPS estimates by 2% to $6.30/$7.30 (assumes $98/$100 Brent) owing to lower North America growth assumptions. Our PO declines to $125, or 18x forward EPS (4Q15-3Q16). While not calling a bottom, with international revenues (~70% of total) less sensitive to lower oil prices than US and the ongoing corporation transformation, we maintain our Buy on SLB.” Schlumberger Limited closed on Friday at $93.97.