SLB price target lowered to $53 from $54 at Citi

Citi analyst Scott Gruber lowered the firm’s price target on SLB (SLB) to $53 from $54 and keeps a Buy rating on the shares. The near-term challenge for oilfield service companies is that the crude markets still appear well-supplied and efficiency gains are impairing utilization rates, the analyst tells investors in a research note. The firm says the backdrop appears to slightly favor domestic names over International heading into 2025, while activity abroad likely lags upstream capex and declines modestly next year. Citi thinks a “selective and flexible approach” is best in 2025 within oil and gas equipment and services.