SLB price target lowered to $54 from $60 at Citi

Citi analyst Scott Gruber lowered the firm’s price target on SLB (SLB) to $54 from $60 and keeps a Buy rating on the shares. The firm reduced estimates saying upstream spending growth is “losing steam.” Decelerating revenue growth abroad has been the primary headwind to SLB’s stock and Citi now forecasts 2% international growth in 2025, down from 4.5%, the analyst tells investors in a research note. However, the firm says SLB’s digital business should help drive some growth even if upstream spending stagnates.