Piper Sandler analyst Luke Lemoine last night upgraded Baker Hughes to Overweight from Neutral with a price target of $43, up from $34. The analyst is giving the company credit for the improving visibility within its Industrial and Energy Technology segment. With a $25B backlog that should grow through the end of the decade, "it’s too punitive just to look" at 2024, the analyst tells investors in a research note. Piper believes Baker’s IET orders likely haven’t peaked yet and believes the unit’s potential is being "underappreciated."
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Published first on TheFly
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