Baker Hughes price target lowered to $45 from $47 at Piper Sandler

Piper Sandler analyst Luke Lemoine lowered the firm’s price target on Baker Hughes to $45 from $47 and keeps an Overweight rating on the shares. While the international/offshore cycle is still very healthy, the firm believes expectations should orient around a 10%-15% CAGR over the next few years vs some market expectations that believed this could be 15%-20%.