UPDATE: Morgan Stanley Downgrades Baker Hughes on Outperformance
In an report published Tuesday morning, Morgan Stanley analyst Ole Slorer downgrades Baker Hughes (NYSE: BHI) from Overweight to Equal-weight, lowering price target from $66 to $62.
The report states that BHI will unlikely outperform its peers until they reduce costs to close their margin gap. It is unlikely to follow through with this without an environment that will foster rapid growth. Ole notes, "Market share continues to modestly erode, growing 100bps slower than peers."
BHI closed previously on Monday at $52.55 and currently trading at $53.
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