JPMorgan analyst Arun Jayaram lowered the firm’s price target on SLB to $60 from $64 and keeps an Overweight rating on the shares. The firm trimmed second half of 2024 forecasts to incorporate softer anticipated spending trends amid the pullback in oil prices. This is driving some upstream spending cautiousness from a select number of international producers amid signs of ample global supplies, the analyst tells investors in a research note.
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