Piper upgrades SLB to Overweight on Saudi Arabia bottoming

Piper Sandler upgraded SLB (SLB) to Overweight from Neutral with a price target of $42, up from $41. The firm says SLB has “reached the reset” with the stock down 40% in the 18 months since the announced ChampionX acquisition. SLB has called the bottom on Saudi Arabia with activity set to recovery in the first half of 2026, the analyst tells investors in a research note. Piper also highlights the “better-than-expected disclosure” around the company’s digital business.