SLB assumed with an Overweight at Morgan Stanley

Morgan Stanley assumed coverage of SLB (SLB) with an Overweight rating and an unchanged price target of $43. Energy Services stocks have rallied off the lows, pushing valuations higher, but against an uncertain oil backdrop the firm expects shorter cycle North American onshore spending to remain constrained and views it as “too early to step in,” the analyst tells investors while assuming coverage of North America Energy Services & Equipment.