SLB price target lowered to $62 from $74 at Evercore ISI

Evercore ISI lowered the firm’s price target on SLB (SLB) to $62 from $74 and keeps an Outperform rating on the shares. SLB is “exceptionally well positioned” for the accelerating international and offshore upcycle, which remains in the early to middle stages, while visibility has improved for the next several years of revenue, EBITDA, and free cash flow growth, the analyst tells investors in a research note. The firm added that operating leverage is coming through and is poised to continue as volumes rebound, the cycle accelerates, and pricing improves. Evercore added that SLB remains a top pick at the firm, though it is reducing its 2026 EPS estimate to reflect the recent Canadian APS asset sale announcement, softness in short-cycle activity growth, and continued strong growth in the Digital business.