Halliburton price target lowered to $39 from $46 at Wells Fargo
Wells Fargo analyst Roger Read lowered the firm’s price target on Halliburton to $39 from $46 and keeps an Overweight rating on the shares as part of a broader research note on Energy Servieces. The firm is adjusting its model while noting that its valuation multiple is consistent with a mid-cycle environment and accounts for the risk associated with the company’s relatively and absolutely higher leverage, the analyst tells investors in a research note. Wells Fargo adds however that Halliburton is more North America dependent than its closest large-cap peers, and a stronger recovery in the U.S. could lift its C&P margins above its updated forecast.
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