SLB initiated with a Buy at Benchmark

Benchmark analyst Kurt Hallead initiated coverage of SLB with a Buy rating and $65 price target. SLB is in a strong position to benefit from increased E&P spending on international and offshore projects in the intermediate term and to be a leader in the energy transition longer term, Hallead tells investors in a research note. The analyst believes SLB can achieve double-digit growth in EBITDA, ROCE and free cash flow margin between now and 2025.