BofA analyst Saurabh Pant raised the firm’s price target on SLB to $63 from $62 and keeps a Buy rating on the shares. Oilfield services’ year-to-date strength hides cross currents in upstream capex, but the firm thinks Saudi’s about face on its oil MSC expansion has minimal impact on 2024-25 D&C spending and thinks that peak international spending concerns are “overblown,” the analyst tells investors in a research Q1 preview for the oilfield services group.
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