Sterne Agee Raises SLB Price Objective To $103

Sterne Agee said today that Schlumberger N.V. SLB is a top pick for 2011, and that as a result of that it, it is raising its price objective to $103. “This target would be a mere 8% below the all-time high, representing about 19x our revised 2012 EPS estimate of $5.35, which is up from $4.82,” Sterne Agee writes. “Other than Halliburton Company HAL, SLB is the only constituent of our coverage slated to exceed its prior peak EPS by 2012.” Schlumberger N.V. currently trades at $79.86; Halliburton Company trades at $39.40.