SLB price target lowered to $43 from $51 at Raymond James

Raymond James lowered the firm’s price target on SLB (SLB) to $43 from $51 and keeps an Outperform rating on the shares. SLB’s Q1 results were modestly better than expected amid stronger margins that more than offset the weaker sequential revenues, the analyst tells investors in a research note. SLB continues to focus on preserving margins, in part through incremental cost reduction plans, and a free cash flow ramp over the remaining quarters of the year should lead to leverage trending back down, Raymond James argues.