SLB price target lowered to $49 from $53 at Wells Fargo

Wells Fargo lowered the firm’s price target on SLB to $49 from $53 and keeps an Equal Weight rating on the shares as part of a broader research note on Energy Servieces. The firm is adjusting its model while noting that its valuation multiple is toward the lower-end of a mid-cycle oil and gas environment and takes into account a decelerating E&P capex environment and recent acquisitions, the analyst tells investors in a research note. Wells Fargo adds that it no longer assigns a significant premium multiple to SLB and now assumes it continues to trade closer to peers.