Analysts at Jefferies & Co. on Tuesday started coverage on oilfield services provider Halliburton Company ( HAL ) with a "Buy" rating.
The firm also set a $47 price target on HAL, suggesting a massive 43% upside to the stock's Monday closing price of $32.77.
A Jefferies analyst commented, "Although HAL has significant leverage to the NAM pressure pumping market, we believe the shares are oversold trading at a 35-40% discount to its 5-year average as well as its trading range in 2007. We also expect HAL to see meaningful revenue and margin growth in its international segments in 2012 and 2013."
Halliburton shares rose 18 cents, or +0.6%, in premarket trading Tuesday.
The Bottom Line
Shares of Halliburton ( HAL ) have a 1.10% dividend yield, based on last night's closing stock price of $32.77. The stock has technical support in the $28-$30 price area. If the shares can firm up, we see overhead resistance around the $37-$40 price levels.
Halliburton Company ( HAL ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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