Halliburton price target raised to $42 from $40 at JPMorgan

JPMorgan raised the firm’s price target on Halliburton (HAL) to $42 from $40 and keeps an Overweight rating on the shares. The firm updated the company’s model post the Q1 report. Halliburton sees the current backdrop supporting a structural increase in upstream spending given the need for producers to rebuild production capacity and inventories as well as support ongoing demand growth, the analyst tells investors in a research note.