Wachovia Initiates Coverage on Baker Hughes (BHI) with a Market Perform
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Wachovia initiates coverage on Baker Hughes (NYSE: BHI) with a Market Perform rating. Valuation Range: $37 to $47
Wachovia analyst says, "We Like BHI's International And Floater Market Positioning, But Await Better Risk-Reward...Among its diversified service peers, BHI has one of the most defensive 2009E revenue mixes, deriving, without adjustment for overlaps, an estimated 30% from production-related offerings, 30+% from floater activity, and 18+% from countries wherein client capex budgets should be stable to up. In the next oil patch upcycle, which should emerge by mid-2010E, we expect spending on services in the foreign land and global floater markets to experience among the strongest growth rates. We like how BHI is positioning itself in both niches and, all else constant, would be more bullish given a less expensive valuation."
Baker Hughes Incorporated (Baker Hughes) is engaged in the oilfield services industry.
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