** Oilfield services company Halliburton HAL.N expects flat-to-slightly-lower revenues in 2025, warning of softer activity in North America and Mexico
** Median PT of 29 analysts is $35
SUBDUED GROWTH IN 2025
** TD Cowen (PT $41, "buy") says HAL's 10% FCF yield is attractive, and there is good chance Q1 2025 is the bottom; brokerage expects traction in Q2 2025
** J.P. Morgan ("overweight") raises PT to $35 from $33, says "company has baked in some conservatism in its outlook in NAM, including a subdued gas recovery and limited pull-through from its technology investments"
** Raymond James ("market perform") says the continued y-o-y decline in North American business and lower price forecasts in its completion segment wouldn't fully be offset by positives in certain regions; expects full-year 2025 revenues to fall ~4% with declining y-o-y margins
** Evercore ("outperform") cuts PT to $34 from $35, says "specter of pricing pressure in the NAM onshore was apparent from management's discussion on the call"
** Says that any int'l growth "will be quelled by Mexico exposure ... that is still seeing headwinds"
** ATB Capital Markets ("sector perform") cuts PT to $32 from $36, expect C&P margins to remain subdued at Q1 2025 levels throughout 2025, "until next repricing cycle, which may not happen until 2026"
(Reporting by Seher Dareen in Bengaluru)
((Seher.Dareen@thomsonreuters.com;))
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