UPDATE: Oppenheimer Initiates Coverage on Schlumberger Limited with Outperform Rating, $114 PT as Oil Price Drop Provides Opportunity

In a report published Wednesday, Oppenheimer analyst James Schumm initiated coverage on

with an Outperform rating and $114.00 price target. In the report, Oppenheimer noted, “We are initiating coverage of Schlumberger with an Outperform rating and a $114 price target. Schlumberger is the world's premier oilfield services company with unparalleled technology, scale, breadth of products and services and geographic diversification. We view the drop in oil prices as an opportunity. The stock tends to outperform peers in down markets, and the company is clearly well positioned to benefit from an increase in E&P spending should oil prices rebound. We believe investors should take advantage of recent stock price weakness and build or add to positions at these levels.” Schlumberger Limited closed on Tuesday at $85.22.