SLB price target lowered to $71 from $72 at Raymond James

Raymond James analyst James Rollyson lowered the firm’s price target on SLB to $71 from $72 and keeps an Outperform rating on the shares. Q1 results “essentially hit the mark,” as revenue and EPS came in just ahead, while adjusted EBITDA came up just short, and full-year guidance calling for low-double-digit annual revenue growth and mid-teens EBITDA growth was left unchanged, the analyst tells investors. Following the results, the firm is making “slight revisions” to its 2024/2025 estimates, but says the underlying cycle remains intact and notes that the company called out strength in the Middle East despite the Saudi jackup pause.