SLB Dahlman Rose raises their SLB tgt to $96 from $82
06:51 SLB Schlumberger target raised to $96 at Dahlman Rose
Dahlman Rose raises their SLB tgt to $96 from $82, noting results in the Q4 were strong with revenues modestly exceeding expectations, incremental margins in North America above 50%, and international incremental margins as expected at 33%. Firm maintains their 2012 and 2013 EPS estimates at $4.95 and $6.40, respectively. Firm's price target is being increased based on the stock trading at a 35% premium (15x) to the S&P 500 multiple on 2013 estimated EPS (instead of 2012).