SLB price target raised to $63 from $55 at BMO Capital

BMO Capital analyst Phillip Jungwirth raised the firm’s price target on SLB (SLB) to $63 from $55 and keeps an Outperform rating on the shares. The firm is citing better-than-expected Q1 results, also noting that the outlook for global upstream spending has improved, which it expects to be more reflected in 2027 with mid-single-digit growth, the analyst tells investors in a research note. BMO adds it is positive on SLB’s leading international oilfield service exposure, along with its higher EBITDA and free cash flow margin profile, plus technology leadership.