UPDATE: Barclays Cuts PT to $90 on Schlumberger, Remains Overweight

Barclays reiterated its Overweight rating on Schlumberger

while reducing its price target from $92 to $90. Barclays commented, "Schlumberger offered an operational update to 4Q this morning, guiding down earnings expectations by $0.05-$0.07 per share. The lower guidance was driven by stronger-than-usual seasonality in the North Sea and Western Siberia, contractual delays in North Africa and the accelerating drop-off in NAM activity. The market's initial reaction today (-6% versus OSX -1.5% intraday) seems overdone to us; we don't see a change to our thesis and would use the weakness to add to positions." Schlumberger closed at $68.91 on Friday.