BofA lowered the firm’s price target on SLB to $62 from $63 and keeps a Buy rating on the shares. Saudi’s decision to halt its MSC expansion, followed by recent stream of news around jackup rig suspensions, has dented investor confidence in Middle East-led international upstream spending growth cycle, notes the firm. While BofA does believe that Saudi, and perhaps UAE, oil directed D&C spending likely peaks in 2025-2026, it thinks overall Middle East D&C activity in 2026-plus can stay strong, the analyst tells investors.
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