Wells Fargo lowered the firm’s price target on Halliburton to $46 from $49 and keeps an Overweight rating on the shares. The firm cites downward adjustments as NAM headwinds persist with trough anticipated late 2024/early 2025. Timing and magnitude of recovery depends on gas macro and subsiding E&P M&A wave, Wells adds. Halliburton remains the firm’s top Big 3 OFS stock.
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