Baker Hughes price target raised to $45, named a Top Pick at Morgan Stanley

Morgan Stanley analyst Daniel Kutz raised the firm’s price target on Baker Hughes to $45 from $42 and keeps an Overweight rating on the shares, which the analyst also named as “Top Pick” in North America Energy Services and Equipment. A “historically robust LNG build-cycle is underway” and Baker Hughes has a dominant market position and defensible technological advantage in the LNG value chain, says the analyst, who views the company’s portfolio as “relatively more defensive and stable” than its oilfield services and equipment peer group, but still including attractive growth prospects, as well as earnings and free cash flow durability and longevity.