Barclays Cuts Estimates on Baker Hughes (BHI) Twice In One Week; Prefers Halliburton (HAL) At Current Levels

Barclays maintains an 'Overweight' on Baker Hughes (NYSE: BHI) price target from $85 to $77.

Analyst, James C. West, said, "We cut our EPS estimates for 2012 Monday following our Spring Oilfield Tour in Houston last week. However, given yesterday's guide down, we are cutting our numbers further...We are reducing our 1Q, 2012 and 2013 EPS estimates to $0.80 (from $1.00), $3.80 (from $4.85) and $5.50 (from $6.05), respectively, primarily reflecting lower North American margin assumptions and lower 1H12 international margins."

West is keeping a positive rating on shares of BHI (OW-rated), citing consistent international business and outlook (aside from one latin american project delay). However, he also thinks Halliburton (NYSE: HAL) is a better play at current levels, considering 12x 2012 EPS estimates vs. HAL's 8.5x.

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 $45.04 yesterday.

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