Baker Hughes price target lowered to $42 from $44 at Citi

Citi analyst Scott Gruber lowered the firm’s price target on Baker Hughes to $42 from $44 and keeps a Buy rating on the shares. The firm says the company will not be immune to the broader growth deceleration impacting the global oilfield service markets. Citi continues to see Baker Hughes as one of the better positioned stocks given its “robust” backlog, potential upside to orders next year, and upside to margins, but says sentiment appears positive on the stock and thus the ability to outperform around Q3 results may be challenged in the absence of an EBITDA beat.