Tuesday, October 26, 2010

Citigroup (NYSE:C) Sees Schlumberger (NYSE:SLB) Margins Rising in North America

Citigroup (NYSE:C) increased it price target on Schlumberger Ltd. (NYSE:SLB), saying its margins in the North American market should increase.

"We are increasing our North [American] margins to 18.0% from 15.2% in 2011 and to 20.0% from 17.5% in 2012, raising estimates slightly," Citigroup analyst Robin Shoemaker wrote in a note.

Schlumberger closed Monday at $68.53, gaining $0.76, or 1.12 percent.

The price target was raised from $77 to $82. A "Buy" rating on the stock was maintained by Citigroup.

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