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Halliburton, Conviction Buy

The traders are watching Halliburn after Goldman Sachs added the stock to its Conviction Buy List.

In fact, shares made a 52-week high on the upgrade with Goldman Sachs analyst Daniel Boyd lifting his price target to $42 from $32.40, and his earnings-per-share forecasts for 2010 and 2011.

Boyd told clients in a research note that Halliburton is well-positioned to take advantage of a recovering industry.

"As the North American market recovers, Halliburton is among the best companies to own due to its large and high quality pressure pumping fleet, which complements its other product offerings," the analyst wrote.

"Internationally, the company is growing and executing well with the second highest market share in the lucrative deepwater market," he added.

With Goldman adding HAL to its Conviction Buy list, should you do the same?

Maybe not.

"I can’t help but wonder how much more upside the oil services sector has in the near-term," says a skeptical Pete Najarian.


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Trader disclosure: On Jan 8th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (AMAT) Calls; Najarian Owns (TEVA); Najarian Owns (CELG); Najarian Owns (PCX) Calls; Najarian Owns (CLF), Is Short (CLF) Calls; Najarian Owns (FCX), Is Short (FCX) Calls; Najarian Owns (MS), Is Short (MS) Calls; Najarian Owns (PFE) Stock; Najarian Owns (TCK), Is Short (TCK) Calls; Najarian Owns (XLF) Calls; Finerman Owns (AAPL); Finerman's Firm Owns (AXL), (AXL) Calls; Finerman's Firm And Finerman Own (GOOG); Finerman's Firm Owns (JPM) Calls; Finerman's Firm Owns (BAC) Preferred, (BAC), (BAC) Call Spread; Finerman Owns (BAC) Preferred, (BAC); Finerman's Firm Owns (IBB), (CSCO), (MSFT), (NDAQ); Finerman's Firm Is Short (TLT); Finerman's Firm And Finerman Own (WFC) Preferred; Finerman's Firm Is Short (IJR), (MDY), (SPY), (USO), (UNG); Grasso Owns (ABK), (AAPL), (ASTM), (BAC), (BGP), (C), (COST), (CSCO), (FAZ), (PFE), (PRST), (WMT), (V); Terranova Owns March British Pound Futures; Terranova Is Long Copper Backwardation: Long May 2010, Short July 2010; Terranova Is Short (CMA), (JCI), (ESS), (ICE), (SHLD), (CAL); Terranova Owns (XHB) Puts; Terranova Owns (QCOM), (MSFT), (EMC), (FTO), (XOM), (BAC)

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