On July 29, SLB Ltd rose 3.14% in pre-market trading, trading at $51.55 per share. The move was driven by a wave of analyst upgrades following the company's better-than-expected second-quarter results.

On the news front, Piper Sandler raised its price target on SLB from $59 to $64, maintaining an Overweight rating. TD Cowen similarly lifted its target from $62 to $64, while Morgan Stanley nudged its target to $55 from $54, also maintaining Overweight. RBC Capital Markets noted that SLB's growth drivers are likely to coalesce in 2027 and beyond, projecting 10% revenue growth in 2027 and 7% in 2028, anchored by a multi-year offshore upcycle, Middle East recovery, and progress in Venezuela.

The upgrades follow SLB's Q2 results released on July 24, which showed revenue of $8.97 billion, up 5% year-over-year and above the consensus estimate of $8.67 billion. Adjusted EPS came in at $0.55, also surpassing the $0.51 analyst expectation. North American revenue surged 36% to $2.24 billion, offsetting a 14% decline in Middle East and Asia revenue impacted by regional conflict.

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