J.P. Morgan Maintains Overweight on Halliburton

J.P. Morgan is out with its report today on Halliburton (NYSE: HAL), maintaining Overweight.

In a note to clients, J.P. Morgan writes, "We continue to rate Halliburton Overweight with a $65 Dec-11 price target based on a target multiple of 15x our 2012E EPS estimate, in line with the group target median of 15x and above peer WFT (14x). HAL is currently trading amongst the lowest in the group at 11.7x our 2012E EPS estimate compared to the group trading at 12.9x and larger peer SLB (NYSE: SLB) at 16.4x. We do not believe this large of a discount is warranted as HAL has a commanding position in North America and is making progress in its international operations."

At the time of posting, shares of HAL were trading pre-market at $51.22, down 0.14% from Friday's close.