J.P.Morgan cuts PT on SLB, Halliburton amid global oilfield spending slowdown
** J.P.Morgan lowers PTs on oilfield services firms Halliburton HAL.N and SLB SLB.N
** Brokerage expects deceleration of upstream spending in North America and international markets to weigh on earnings from Q4 onwards
** Says Q4 results of both the companies would likely trend towards the lower end of their respective forecast ranges due to seasonal slowdown in North America (NAM) amid drilling efficiency gains as well as weakness in Mexico and Saudi Arabia
** JPM cut PT on the top oilfield firm SLB to $48 from $55; new PT still implies an upside of 25.2% to stock's last close
** "In 2025, we are now assuming flattish international spending growth in 2025 and 1.5% international spending growth in 2026" - JPM on SLB
** Brokerage lowers PT on HAL to $33 from $35; new PT implies a 21.4% upside to stock's last close
** "Near-term performance of the stock will likely mirror that of the peer group until there is more clarity on an improvement in NAM activity" - JPM on HAL
** HAL stock was down 24.8% in 2024, while SLB was down 26.3%
(Reporting by Sourasis Bose in Bengaluru)
((Sourasis.bose@thomsonreuters.com))
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