Stifel analyst Stephen Gengaro lowered the firm’s price target on SLB to $63 from $64 and keeps a Buy rating on the shares. Entering 2024, Stifel believes the risk-reward ratio in the oil service stocks sector is favorable, with 95% of the names covered by the firm trading below the five-year median forward EV/EBITDA multiple, the analyst tells investors. Following a lackluster Q4 and uncertainty around the activity growth in the U.S. land market, the firm is reducing its 2024 activity assumptions, but expects growth throughout the year.
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