UPDATE: Jefferies Lowers Target to $60 on Baker Hughes

Jefferies reiterates its Buy rating on Baker Hughes (NYSE: BHI) and cuts its price target by $5 to $60 a share on pressures in US pressure pumping company operations. It adjusted current year estimates to $4.61 from $5.19 a share.

Jefferies says, "Although BHI's international business seems to be firing on all cylinders, margins in the US pressure pumping segment are showing signs of softness as the outlook for North America activity and margins continues to become more uncertain. As such, we are reducing our EPS estimates and lowering our PT accordingly."

BHI closed at $44.74 a share on Tuesday.