Haliburton: Sell-off Overdone

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Following Halliburton’s third quarter 2011 results, Canaccord Genuity energy analyst Scott Burk maintained his BUY rating and price target on the company, stating that, “. . .[the] sell-off was overdone and [we] view HAL as inexpensive even based on our lower-than-consensus estimates.”

Mr. Burk added, “We think Halliburton is the best positioned competitor to gradually gain market share internationally and approach the much higher valuation multiples enjoyed by Schlumberger. We believe a gradual improvement in valuation multiples would allow HAL to outperform over the longer term, which makes it our favorite idea for a long-term buy-and-hold strategy.”

Mr. Burk’s current price target on HAL is $46.00

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