Societe Generale Maintains Buy, $90 PT on Schlumberger

Societe Generale reiterates its Buy rating and price target of $90 on Schlumberger

as it sees 2012 to be a transition year for the company and its international activity. Societe Generale says, "SLB is the largest provider of high tech services to International oilfield markets and is a key play on slowly improving International activity. The company has similar deepwater exposure to some equipment providers that many energy investors viewed as ‚safe havens‛ in the 2H'11 turmoil. But at just 15.0X our 2012e EPS, valuations appear far more attractive. Broad International activity remains somewhat sluggish and pricing strength has yet to become widespread, but a tightening in capacity / pricing is steadily becoming more visible." SLB closed at $73.80 a share on Friday.