SLB price target raised to $69 from $66 at RBC Capital

RBC Capital analyst Keith Mackey raised the firm’s price target on SLB (SLB) to $69 from $66 and keeps an Outperform rating on the shares. The company’s ChampionX (CHX) acquisition is a “strategic fit” with its portfolio, which enhances its exposure to future growth markets, the analyst tells investors in a research note. The headline transaction multiples represent fair value, but the targeted $400M in synergies represent upside from future efficiency gains across its cost base, the firm added.