UPDATE: Deutsche Bank Cuts Target to $65 on Halliburton

Deutsche Bank reiterate its Buy on Halliburton

and lowers its price target to $65 from $69 on uncertainty international seasonality and natural gas. Deutsche Bank says, "HAL posted a strong Q4 and the outlook remains strong. We believe N. America (

) will hold up much better than most expect and that international margins will surprise to upside as we go through 2012. We are realistic, however, that there will be little near-term evidence of this with activity transitioning out of gas plays in NA and seasonality internationally. This uncertainty may weigh on the stock near-term but we believe patience will be rewarded. HAL's leading market position in the US and international growth leave it well positioned and we rate it BUY." HAL closed at $36.77 a share on Thursday.