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UPDATE: Societe Generale Upgrades Halliburton to Buy on Strong Global Performance

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In a report published Wednesday, Societe Generale analyst Edward Muztafago upgraded the rating on Halliburton Company (NYSE: HAL) from Hold to Buy, and raised the price target from $44.00 to $49.00.

In the report, Muztafago noted, “HAL shares have fallen nearly 10% from their peak in mid-February due to the recent market sell-off, and we believe a more attractive entry point has emerged. HAL's outlook is progressing better than we expected. The company is proving a standout performer in nearly all regions. North America (NAM) margins are recovering faster than we forecast and more constructive comments from the industry of a potential inflexion in NAM pricing declines suggest to us that margin pressures are likely to abate. Macondo settlement negotiations have led to a $1bn reserve providing HAL comfort to commit to paying 15%-20% of net income as dividends. Share repurchases should also become more aggressive with a systematic program now in place under the current $1.7 bn authorization.”

Halliburton Company closed on Tuesday at $39.69.

Latest Ratings for HAL

DateFirmActionFromTo
Apr 2017HSBCInitiates Coverage OnBuy
Jan 2017SunTrust Robinson HumphreyInitiates Coverage OnBuy
Dec 2016BernsteinInitiates Coverage OnOutperform

View More Analyst Ratings for HAL
View the Latest Analyst Ratings

Posted-In: Societe GeneraleAnalyst Color Upgrades Analyst Ratings

 

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