Jefferies Reiterates Buy Rating, Raises PT On SLB

Jefferies is reiterating its Buy rating and increasing its PT on Schlumberger (NYSE: SLB).

“Reported 4Q operating EPS of $0.85 versus our $0.76 estimate, the $0.77 Consensus and 3Q10 EPS of $0.70. EPS was bolstered by about $0.02 from an early payout on an IPM job and a lower tax rate added a $0.01,” Jefferies writes. “4Q GAAP EPS was $0.76.

“SLB is extremely well positioned to benefit from expected activity increases in both Latin America and the Eastern Hemisphere. SLB's diverse, technologically advanced product lines and worldwide presence positions it to prosper both domestically and internationally. Reiterate Buy and increasing PT to $96 from $94.”

Schlumberger closed Friday at $83.48.