SLB price target raised to $65 from $64 at Stifel

Stifel analyst Stephen Gengaro raised the firm’s price target on SLB to $65 from $64 and keeps a Buy rating on the shares. The firm notes SLB’s Q2 results, Q3 guidance, and 2024 outlook support its positive outlook for the shares. Based on SLB’s track record of success, recent reports from Kimberlite Research, and operating results, Stifel is confident SLB is very well positioned to benefit from rising international and offshore activity, as well as its new digital offerings, in the coming years. SLB targets returns of $3B in 2024 equally weighted in buybacks and dividends, and $4B in 2025.