Wednesday, July 21, 2010

Raymond James (NYSE:RJF) Upgrades Halliburton (NYSE:HAL), Shares Soar

Halliburton (NYSE:HAL) got more good news Tuesday, as Raymond James (NYSE:RJF) upgraded the energy company from "Outperform" to "Strong Buy." The price target was also increased from $49 to $52.

Analysts wrote in a note, “HAL's significant North American leverage coupled with its diverse international portfolio position it well for solid earnings growth and strong returns on capital over the next several years.”

Halliburton vastly exceeded earnings expectations for the last quarter, citing natural gas drilling in the U.S. increasing profits by 80 percent.

The company closed at $30.27, gaining $1.10, or 3.77 percent.

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