Halliburton Company (NYSE:HAL) is a Buy at International Strategy & Investment Group (ISI).

The Buy rating is maintained despite news that HAL has revised lower its third quarter guidance that implies Earning Per Share some 5-8% below consensus estimates.

The move follows a decreasing oil rig count in North America which in turn results in less business for Halliburton.

Commenting on the rating, Jud Bailey at ISI says:

"Although we expect numbers to come down in reaction to the weaker rig count, we believe HAL and other large cap service names will begin to get traction as 2013 estimates move closer to reality, NAM activity finally bottoms and international markets continue to improve. 

"Currently trading at 5.1x our 2013 TEV/EBITDA, which is 20-30% below the Company's 5-year average, we continue to believe that HAL is undervalued and would be buying the stock on weakness as estimates are revised and the NAM market finds a bottom."

A target share price of 43 is currently set on the Halliburton share price.