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UPDATE: Bernstein Research Reiterates Outperform on Baker Hughes as Integrated Services Remain the Preferred Sub-Segment

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In a report published Tuesday, Bernstein Research analyst Scott Gruber reiterated an Outperform rating on Baker Hughes (NYSE: BHI), and raised the price target from $62.00 to $73.00.

In the report, Bernstein Research noted, “Coming into 2013, our primary positioning call was to be overweight in the Integrated Services. This sub-group has delivered and we continue to see highly attractive risk/reward. Robust earnings growth should continue as domestic E&Ps raise budgets, frac intensity increases and internal efficiency improvements drive margins higher, even in the absence of broad pricing power. With earnings projected to grow faster than the S&P 500 over the next two years, we believe multiples continue to be too low. Thus the Integrated Services remain our preferred subgroup. Our preference order remains BHI, HAL and SLB (all Outperform) followed by WFT (Market-Perform).”

Baker Hughes closed on Monday at $56.00.

Latest Ratings for BHI

DateFirmActionFromTo
Jan 2015CitigroupMaintainsBuy
Dec 2014CitigroupMaintainsBuy
Dec 2014RBC CapitalUpgradesSector PerformOutperform

View More Analyst Ratings for BHI
View the Latest Analyst Ratings

Posted-In: Bernstein Research Scott GruberAnalyst Color Price Target Analyst Ratings

 

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