Lehman Raises Oil Services Price Targets
A Lehman Brothers analyst raised his price targets on 37 companies in the oil services and drilling sector, seeing a strong recovery in 2008 and 2009 for North American natural gas drilling along with significant international growth over the next few years.
Analyst James Crandell’s top picks in the sector are Weatherford International Ltd., Halliburton Co., Schlumberger Ltd., Tidewater Inc., Nabors Industries Ltd., Hercules Offshore Inc., Core Laboratories NV and ION Geophysical Corp.
“Our long-standing investment opinion on the group remains positive, and we continue to recommend an overweight position on the group,” Crandell said in a note to investors.
