Halliburton price target lowered to $31 from $33 at Citi

Citi lowered the firm’s price target on Halliburton (HAL) to $31 from $33 and keeps a Buy rating on the shares. The firm says the stock is trading at “recessionary levels” and there is reason to believe this downcycle won’t be as severe as those of the past. However, Halliburton guided down again and highlighted downtime risk in North America and risk to customer spending abroad, the analyst tells investors in a research note. Citi awaits better clarity on earnings achievability before moving the name into its group of top picks.