UBS Maintains a 'Buy' on Baker Hughes (BHI), But Lowers Price Target and Estimates

March 23, 2012 11:20 AM EDT
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Price: $61.98 +0.03%

Rating Summary:
    22 Buy, 19 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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UBS maintains a 'Buy' on Baker Hughes (NYSE: BHI) price target cut from $66 to $60.00.

UBS analyst said, "We believe the pressure pumping capacity issue will continue to overhang the oil service diversifieds over the next several quarters. As we mentioned in our report from earlier this week, conditions will likely become worse before they get better. We believe the capacity additions need to play out first, before the stocks bottom."

"Lowering our ‘12/’13 EPS ests by 20%-25% to $3.72/$4.48 from $4.91/$5.67."

For an analyst ratings summary and ratings history on Baker Hughes click here. For more ratings news on Baker Hughes click here.

Shares of Baker Hughes closed at $43.22 yesterday.

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