Seeking Alpha

Halliburton reinstated at J.P. Morgan, citing pressure pumping cost advantage

  • Halliburton (HAL +0.2%) is reinstated with an Overweight rating and $57 target price at J.P. Morgan, which believes HAL is exhibiting its pressure pumping cost advantage with a fleet that is 85% on long-term contracts and 75% working on 24-hour operations.
  • With 2014 earnings revisions likely to the upside going forward, the firm expects multiple expansion with more investors looking toward considerable growth in 2014 EPS amid conservative assumptions.
  • HAL also is resumed at BofA Merrill Lynch, with a Buy rating and $62 target.
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