Baker Hughes upgraded to Overweight from Neutral at Piper Jaffray - InvestingChannel

Baker Hughes upgraded to Overweight from Neutral at Piper Jaffray

Piper Jaffray analyst Bill Herbert upgraded Baker Hughes (BHGE) to Overweight and raised his price target for the shares to $39 from $35. The stock closed yesterday unchanged at $27.77. The analyst cites relative valuation, balance sheet strength and the company’s capital light business model for the upgrade. He believes expectations for Baker Hughes have been “substantially recalibrated to a more realistic baseline.” Herbet coupled the upgrade with a downgrade of Weatherford International (WFT) to Neutral.