Baker Hughes price target raised to $42 from $38 at Barclays

Barclays analyst J. David Anderson raised the firm’s price target on Baker Hughes to $42 from $38 and keeps an Overweight rating on the shares. Despite strong Q4 results and a "convincing outlook" on 2023 for the "Big 3" energy service names, the share underperformance suggests investors are questioning how much is already in the stocks, the analyst tells investors in a research note. With the cycle entering a "new, sustained growth phase" combined with margin expansion from pricing and operating leverage, the firm now sees more than 30% upside in the shares.