Credit Suisse says: "We See the Whites of Their Eyes; UPGRADING
Baker Hughes Incorporated (
) to OUTPERFORM (from Neutral); Revising Estimates and TPs."
Halliburton Company (
): "We believe HAL will outperform the broader oilfield service
group over the next 12-18 months based on a reacceleration of the
U.S. Land market. With this in mind, the Credit Suisse Investment
Policy Committee (IPC) is concurrently adding HAL to the U.S. Focus
List as the IPC views this name as one of the most compelling
opportunities in the oilfield service sector.
TP to $53 from $44; based on 6.5x 2014E EBITDA."
BHI: "Upgrading to Outperform from Neutral; TP now $54 from $40
(based on 6.0x 2014E EBITDA). After several years of working
through an ill-timed acquisition, corporate structure
reorganization and other hurdles, we believe the company is getting
back on track and is poised to demonstrate improving earnings
Schlumberger Limited (
): "Continues to do well. Increased international activity (and
some pricing) and supportive commodity prices will continue to
benefit SLB. Our only issue is with the relative valuation which at
~40% premium to the other large cap service companies is difficult
to justify until returns improve. Maintain Neutral rating and $79
TP, which is still based on 7.9x 2014E EBITDA."
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