Street View: International markets to drive growth for SLB

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23/01/2023 16:16

** Top oilfield services firm SLB NV  SLB.N  on Friday
reported fourth-quarter profit that topped Wall Street estimates
on strong global demand for its drilling services and equipment
    ** The company this year aims to expand revenue 15% over
2022's $28.1 billion, supported by international and offshore
momentum
    ** BofA Securities, Stifel, Cowen and Susquehanna raise PT
    ** SLB down 1.8% on Monday; gained about 49% in the quarter
ended Dec. 31
    SLB IN STRONG POSITION
    ** BofA Securities("buy") says the upcycle in the oilfield
services industry, driven by strength in the Middle East and
offshore, 'plays for SLB's competitive strength'; raises PT to
$66 from $65
    ** "Bolstered by rising international activity and SLB's
leadership position internationally, we project robust revenue
growth ... in 2023-24," Stifel says; Brokerage lifts PT to $62
from $58
    ** Cowen, which hikes PT by $1 to $65, says co's
international growth outlook is conservative and lower
assumptions from Russia is a derisking measure
    ** Susquehanna raises PT to $68 from $65 and says it expects
international markets to drive drilling activity instead of
North America in 2023 and SLB stands to generate significant
free cash flow for multiple years through it
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))