Schlumberger broker research
B. Riley FBR: They are increasing their price target from $80 to $90, reflecting a 2018 EV/EBITDA multiple of 15.4x, and reiterating their Buy rating. They expect SLB's non-NAM top line to expand faster, at 11%, on another year of growth in core engines Russia and the Middle East, upswings in Asia and North Sea, and lesser gains in Latin America and Africa.
Cowen: The company is significantly slowing SPM investments and the program will be FCF positive in 2018. Investments already in place should double SPM revenue by year end 2019 to ~$3B, or less than 10% of total. They suspect earlier plans to grow SPM to the size of a product group (~20% of revs) are less in focus. They believe this was welcome news to many investors who did not like the SPM strategy. They maintain their Outperform rating and $85 price target, which equates to 15x their 2020 EBITDA estimate discounted back one year at SLB's cost of equity