Fly News Breaks for March 3, 2020
Mar 3, 2020 | 06:32 EDT
UBS analyst Amy Wong downgraded Halliburton to Neutral from Buy with a price target of $17.50, down from $31. The analyst notes that the company's portfolio exposes it to greater revenue and margin pressure relative to peers, also warning that its key end markets are facing overcapacity. Wong adds however that after the recent decline in Halliburton stock, its valuation of 6-times enterprise value to expected 2021 EBITDA now represents a "slight discount" vs. its normalized multiple of 6.5-times.
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