Halliburton Company (HAL)

[Timothy Smith]

$HAL UBS raises its price target to $87 from $80 and raises its 2014 EPS estimate by 2% and 2015 EPS by 7.5%, reflecting slightly higher North American revenue growth (15% Y/Y, similar to the 2014 growth rate) and only slightly higher margin forecasts (20% 2014 exit rate and 21.4% 2015); the firm believes both assumptions are conservative and upside still exists.