UPDATE: Dahlman Rose Reduces PT to $49 on Halliburton on Sluggish Quarter Ahead

Dahlman Rose reiterated its Buy rating on Halliburton

but lowered its price target from $52 to $49. Dahlman Rose noted, "The primary reason for our estimate reduction in the fourth quarter is the sluggish environment in North American rig activity, which is likely to persist. Pricing in the US frac is expected to continue to weaken, and relief on guar prices will not come until 2Q13. In 2013, we are reducing our estimates, as we are starting from a lower base in North America. Guar price relief will not occur in the first quarter to any meaningful extent, and further losses are expected from the company's turnkey projects and the Majnoon field in Iraq." Halliburton closed at $34.77 on Tuesday.