Schlumberger (SLB) Price Target Raised to $110 at UBS

UBS maintained a Buy rating on Schlumberger (NYSE: SLB) and raised its price target to $110.00 (from $95.00). Analyst Angie Sedita noted better than expected decremental margins.

"While industry conditions are undeniably challenging and expected to remain so in both 2015 & 2016, SLB has impressively cut costs and stayed ahead of the curve leading to lower decremental margins than widely expected. However, we still believe the industry capacity will remain over-supplied in 2015-2016 thereby dampening pricing. Additionally, similar to SLB, we expect only a moderate recovery in N.Am, activity in ‘16 given the current outlook for oil prices. However, strong cost management by SLB and lower decrementals leads us to increase our EPS forecasts by 15%-24% in 2015-2017," said Sedita.

For an analyst ratings summary and ratings history on Schlumberger click here. For more ratings news on Schlumberger click here.

Shares of Schlumberger closed at $92.86 yesterday.

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