Halliburton (HAL +3.8%) shares remain undervalued and should be priced at $54.60, Bernstein's...

|About: Halliburton Company (HAL)|By:, SA News Editor

Halliburton (HAL +3.8%) shares remain undervalued and should be priced at $54.60, Bernstein's Scott Gruber writes, based on a model of 14x his 2014 EPS forecast of $3.90; $54.60 is 11% higher than the upper end of HAL's recent dutch auction. Gruber thinks the tender offer signifies HAL's confidence in the end-market's demand for shares and indicates it is “more confident" that its Gulf oil liability is "manageable."