Halliburton price target lowered to $45 from $46 at Stifel

Stifel lowered the firm’s price target on Halliburton to $45 from $46 and keeps a Buy rating on the shares. The firm notes shares of Halliburton fell 5.6% versus a 0.7% drop in the S&P 500 on Friday after announcing mixed Q2 results, weaker-than-expected Q3 guidance, and reducing its revenue outlook for North America in 2024. International growth expectations remain largely intact, and management reiterated guidance for at least 10% year-over-year free cash flow growth, supporting robust shareholder returns, Stifel adds. The firm believes improved industry dynamics in U.S. land coupled with Halliburton’s market-leading pressure pumping presence should help the company outperform underlying market activity.