Baker Hughes price target raised to $46 from $42 at Evercore ISI

Evercore ISI analyst James West raised the firm’s price target on Baker Hughes to $46 from $42 and keeps an Outperform rating on the shares. Baker continues to improve and optimize its performance, says the analyst, who adds that the company’s strategy is clearly defined, views the company as well positioned to benefit from the ongoing multi-year upcycle in the OFS industry, and contends that Baker’s energy transition businesses should garner a higher multiple over time.