SLB price target lowered to $59 from $60 at Stifel

Stifel lowered the firm’s price target on SLB (SLB) to $59 from $60 and keeps a Buy rating on the shares. SLB remains well-positioned globally and likely continues to generate strong free cash flow and return excess cash to shareholders, the analyst tells investors in a research note. The risk/reward is very favorable for SLB shares, although a short-term catalyst is hard to pinpoint, Stifel says.