The firm anticipates limited downside risk to estimates, citing macroeconomic concerns, tempered expectations, and a scarcity of catalysts, which are believed to be already factored into the energy services group's discounted valuations. As the outlook for 2025 appears to closely resemble that of 2024, it is suggested that outperformance will be steered by businesses with unique qualities and themes that provide earnings predictability in a market characterized by modest growth.

SLB is considered to be in a prime position to benefit from the ongoing international and offshore upcycle, currently in its early to middle phases, with better visibility anticipated for the forthcoming years in terms of revenue, EBITDA, and free cash flow expansion. Analysts highlight that the company's operational leverage is becoming increasingly evident and is expected to be sustained as volume recovery, cycle momentum, and pricing enhancements take place. Despite adjustments to the 2026 EPS projections due to recent developments including the Canadian APS asset sale, a moderation in short-cycle activity growth, and ongoing robust expansion in the Digital segment, SLB still stands out as a preferred selection.