Bank of America Reiterates Buy on Halliburton, Raises PT to $63

Bank of America reiterated its Buy rating on Halliburton HAL. At the same time, Bank of America raised its price target on the company's stock from $57 to $63 after increasing its earnings per share estimates for the next two years. In a research report published today, Bank of America states, "We reiterate our Buy rating given: (1) higher conviction in full-cycle margins for North America; (2) signs of recovery in int'l pricing; and (3) misplaced litigation concerns. We are increasing our 2011/2012 EPS estimates to $3.19/$4.19 from $3.04/$3.78. Critically, the revisions are in part company specific. We are also raising our PO to $63 (15x 2012 EPS) from $57." On Tuesday, Halliburton added 2.2% to its value to close the day at $47.89.