SLB price target raised to $71 from $56.10 at Bernstein

Bernstein raised the firm’s price target on SLB (SLB) to $71 from $56.10 and keeps an Outperform rating on the shares. The firm is updating its model and raising its price target to factor in a long-term growth rate of 3.5% reflecting further strengthening prospects for the company. Less positively, the sector’s re-correlation with oil price also suggests a new, likely structural, heightened short-term volatility in share prices, Bernstein adds.