Barclays Upgrades Schlumberger To Overweight (SLB)

Barclays Upgrades Schlumberger (NYSE: SLB) to Overweight

With its strong international market position, commanding market share in deepwater logging, well built out infrastructure throughout the eastern hemisphere, financial strength, deep management and a product line that benefits more than most from increased exploration activity, Schlumberger appears well positioned to benefit from another growth cycle in international exploration and production spending plus the strong secular increase in deepwater. Barclays is upgrading their investment opinion to Overweight.

Reflecting a greater increase in international E&P spending than earlier projected, Barclays is increasing their 2010 and 2011 EPS estimates.
They are raising their price target to a 30% premium to the oil service group.