Dahlman Rose Raising Targets On Oil Services Names (FTI, HAL, DRQ)

Dahlman Rose & Co. is raising price targets on oil service names, including Halliburton Company HAL, FMC Technologies, Inc. FTI and Dril-Quip, Inc. DRQ. It has a Buy rating on all three names. In the research note sent to clients, Dahlman writes, "We are raising our price targets for HAL to $53, FTI to $88, and DRQ to $83. Our upward revisions reflect improving growth profiles for international upstream spending and offshore drilling activity, especially in light of fleet expansions announced this week. In all cases, price targets factor higher growth in relation to 2011 EPS estimates, gravitating to the high end of our theoretical price target range."