Wells Fargo Downgrades Baker Hughes (BHI) to Market Perform; Longer Recovery as H1 Dip Is Deeper Than Expected
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Price: $46.31 -0.94%
Rating Summary:
10 Buy, 15 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
Rating Summary:
10 Buy, 15 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
Trade BHI Now!
Wells Fargo downgraded Baker Hughes (NYSE: BHI) from Outperform to Market Perform with a price target range $52-54 from $74-76.
Analyst, Matthew D. Conlan, said, "Last week, BHI warned that Q1 operating margins and profits would be significantly lower than previously estimated due to a more rapidly-deteriorating U.S. frac market and continuation/amplification of BHI's operational and supply chain issues. As a result, we are decreasing our Q1 EPS estimate to $0.80 from $1.12 and our 2012/2013 estimates to $3.81/$5.10 from $5.25/$6.20. While we still think that the U.S. frac market will re-tighten when gas activity plateaus and oildirected activity continues to expand, we are adjusting our timing for this retightening to early 2013 rather than H2 2012."
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 $43.71 yesterday, with a 52 week range of $41.91-$81.00.
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Analyst, Matthew D. Conlan, said, "Last week, BHI warned that Q1 operating margins and profits would be significantly lower than previously estimated due to a more rapidly-deteriorating U.S. frac market and continuation/amplification of BHI's operational and supply chain issues. As a result, we are decreasing our Q1 EPS estimate to $0.80 from $1.12 and our 2012/2013 estimates to $3.81/$5.10 from $5.25/$6.20. While we still think that the U.S. frac market will re-tighten when gas activity plateaus and oildirected activity continues to expand, we are adjusting our timing for this retightening to early 2013 rather than H2 2012."
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 $43.71 yesterday, with a 52 week range of $41.91-$81.00.
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