SLB price target raised to $77 from $64 at Piper Sandler

Piper Sandler raised the firm’s price target on SLB to $77 from $64 and keeps an Overweight rating on the shares. The firm says the outlook for the international and offshore oil service cycle continues to be the best its seen in 20 years. Capacity is tight, there’s a multi-year growth horizon, and capital discipline is keeping the market tight, the analyst tells investors in a research note. Piper says the U.S. land rig count is still bottoming while land activity is expected to pick up.