Halliburton upgraded to Outperform from Underperform at Wolfe Research

Wolfe Research analyst Sam Margolin double upgraded Halliburton to Outperform from Underperform with a $51 price target. The analyst sees a favorable relative valuation and ongoing revenue tailwinds in 2023 for the company. Halliburton should capture revenue from its major projects in 2023 and its relative valuation discount verses more internationally exposed peers could compress, aided by pricing momentum, Margolin tells investors in a research note.