BMO Capital analyst Daniel Boyd lowers his price target on Halliburton to $50 after the company guided Q4 earnings up to 24% below expectations to reflect the slowdown in the expected U.S. frac activity. The analyst notes that "investors are rightfully concerned by how quickly the frac market deteriorated and the slow international recovery" facing margin pressure. Boyd also states that Halliburton shares are down 33% from year-to-date highs, recommending that investors buy the dips before the market focus shift to the company's earnings power. The analyst keeps his Outperform rating on the shares.