S&P Capital IQ Retains BUY Rating on Halliburton Company, Target Price Reduced

October 18 00:00 2011

NEW YORK, October 18 (RainbowNewsLine.com) – Analyst Stewart Glickman of S&P Capital IQ reiterates BUY rating on the shares of Halliburton Company (NYSE: HAL), while raising his estimates for the company.  The 12 month target price is reduced from $62 to $48.

Analyst Stewart Glickman, in a research note published yesterday mentions that patience is merited as pricing traction and improved capacity absorption is expected due to the project startups in the Eastern Hemisphere. Domestically, the analyst expects near-term lower $48 activity levels and operating margins still have room to run. Target price is reduced given the international pricing issues along with conservative valuation and DCF model, analyst adds. The EPS estimate for 2011 has been raised by $0.13 to $3.23, while 2012 estimate is raised by $0.44 to $4.37.