UPDATE: Goldman Sachs Lowers PT to $54 on Baker Hughes

Goldman Sachs cuts its price target to $54, down $4, on Neutral-rated Baker Hughes

on lower NA margin guidance. Goldman Sachs comments, "We lower our 6-month target price 8.5% for Baker to $54, following the revised 1Q2012 guidance. Baker guided to a 450-500 bp correction in NA margins (GS: 19.4%), as a result of decreasing utilization and pricing, as well as higher personnel, logistics and raw material costs. ...Our new 6-month target price of $54 (previously $59) is based on 4.9X/3.8X 2012/2013 target EV/EBITDA multiples (previously 4.6X/3.8X) and reflects lower margin and utilization assumptions." BHI closed at $45.04 a share on Wednesday.