J.P. Morgan lowers PT on Halliburton, expects activity headwinds to impact 2H25

J.P. Morgan lowers price target on oilfield services company Halliburton HAL.N to $28 from $30, maintains "overweight" rating

The new price target represents a 37.4% upside to the stock's last close

Brokerage says it sees potential headwinds in both segments -- completion and production (C&P) and drilling and evaluation (D&E)-- from falling activity levels

J.P. Morgan expects relatively in-line Q2 results, but lowers 2H25 outlook to incorporate the well-chronicled activity headwinds in North America, Mexico and Saudi Arabia

Brokerage sees Q3 and Q4 C&P segment margins to be negatively impacted by white space challenges in frac as well as some pricing pressure

20 of 28 brokerages rate the stock "buy" or higher, 8 "hold"; median PT is $28 - data compiled by LSEG

Including session's move, stock down 22.5% YTD