UPDATE: Deutsche Bank Lowers Target to $89 on Baker Hughes

Deutsche Bank reiterates its Buy rating on Baker Hughes

and lowers its price to $89 from $103 a share following a disappointing quarter for the company. Deutsche Bank says, "BHI reported a disappointing quarter but with the N. America (

) miss largely expected and underperformance going into the quarter, we believe the bad news is now largely behind them. With the NA issues appearing transitory and international visibility improving, lower market expectations should put the stock in position for renewed outperformance as the NA situation becomes clearer. Meanwhile, BHI still has a number of "selfhelp" initiatives that should drive margin improvement relative peers." BHI closed at $49.58 a share yesterday.