Wells Fargo lowered the firm’s price target on SLB to $74 from $76 on Friday and keeps an Overweight rating on the shares. International and offshore markets expansion and flat to up 2024 NAM recovery underpin the firm’s continued favorable outlook for SLB. Further and faster pre-tax margin expansion could support additional margin and price target upside, Wells says.
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Read More on SLB:
- SLB (NYSE:SLB) Slides after Mixed Q3 Results
- SLB sees pretax margins in Q4 at same level as Q3
- SLB sees ending year by increasing revenue more than 15%, EBITDA in mid-20s
- SLB sees Q4 sequential revenue growth in high single digits, consensus $8.33B
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