Halliburton Company (HAL)

[Timothy Smith]

JPM rates Halliburton (HAL +0.6%) and Schlumberger (SLB +0.4%) at Overweight with respective price targets of $56 and $101; the firm praises HAL's pending merger with Baker Hughes, which it thinks will create “create a powerhouse North American competitor," and says SLB is positioned to come out of the downturn strong, thanks to its presence in attractive markets and initiatives it began before oil prices fell.