Jefferies Raises SLB (SLB) PT to $58 on Attractive Valuation, Market Upside

SLB (NYSE:SLB) is one of the best large cap stocks to buy under $50. On February 1, Jefferies increased its price target for SLB from $51 to $58, while maintaining a Buy rating. The firm credits the stock’s recent gains to a valuation catch-up and notes that its current valuation remains attractive. Additionally, Jefferies anticipates further upside as the business cycle potentially improves.

In other news, on January 28, SLB secured two five-year contracts from Petroleum Development Oman/PDO to provide wellheads and artificial lift technologies for Block-6, which is the largest oil and gas concession in Oman. The agreement focuses on enhancing production efficiency and recovery rates through the supply of electric submersible pumps, progressive cavity pumps, and specialized wellhead systems. The deal also advances in-country value, with SLB committing to expand local manufacturing, including the production of made-in-Oman gate valves within the first six months.

A day before that, UBS analyst Josh Silverstein increased the price target for SLB (NYSE:SLB) from $50 to $61, while maintaining a Buy rating.

SLB (NYSE:SLB) provides technology for the energy industry worldwide. It operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems.

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Disclosure: None. This article is originally published at Insider Monkey.