- Halliburton (HAL +2.1%) bounces back following modestly disappointing Q3 results, and Jefferies reiterates its Buy rating on HAL shares and raises its price target to $60 from $58 while lowering its EPS estimates for Q4 2013, FY 2013 and FY 2014.
- Management’s "less content-rich conversation" in its Q3 report leaves the stock waiting for the November analyst day, when Jefferies expects clarity on efficiency initiatives and growth paths; the firm continues to see HAL as a top pick based on multi-year prospects related to U.S. shale efficiency.
- Jefferies also raises its price target on Devon Energy (DVN +2%), to $74 from $71, noting that the combination of DVN's midstream assets with Crosstex adds ~$3/share to its NAV estimate, and future drop-downs could provide additional upside.
Jefferies lifts price targets for Halliburton, Devon Energy
Oct 22 2013, 10:18 ET