UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Baker Hughes

In a report published Monday, Deutsche Bank reiterated its Buy rating on Baker Hughes

, but lowered its price target from $79.00 to $68.00. Deutsche Bank noted, “Bottoming out. BHI posted a disappointing Q3 as North America (NA) continued its downward drift and a number of events conspired to depress international results. All is not lost, however. We believe pressure pumping margins are at or near bottom on a leading edge basis, NA land activity should benefit from E&P budget resets in early '13 and the Gulf of Mexico should be a bright spot going forward. International growth is lagging a bit but margins recover as the issues in Q3 appear transitory. With expectations bottoming, we retain a BUY rating.” Baker Hughes closed on Friday at $44.75.