BMO Capital lowered the firm’s price target on SLB to $64 from $66 and keeps an Outperform rating on the shares after its Q1 results. The stock is no longer pricing in upside to consensus estimates, with valuation near cycle lows, and the company’s stronger international growth should offset incremental North America weakness, the analyst tells investors in a research note. BMO adds that it remains positive on SLB shares given its leadership across growing international and deepwater markets.
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