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BHI

Changed to BHGE

$61.27

-0.61 (-0.99%)

, GE

General Electric

$31.25

-0.19 (-0.60%)

07:47
11/29/16
11/29
07:47
11/29/16
07:47

Baker Hughes merger looking 'more favorable,' says Wells Fargo

After further analyzing the merger between Baker Hughes (BHI) and GE's (GE) Oil & Gas unit, Wells Fargo has become more upbeat about the new company's outlook. Specifically, it contends that the new company "has a higher percentage of relatively stable aftermarket service revenue than the market appreciates... along with less-volatile revenue streams and higher margins from Digital Solutions and Downstream Technology." The firm is upbeat about the combined company's longer term outlook, and it thinks that the company's cost synergies will come in above expectations. Wells raised its price target range on Baker Hughes to $69-$71 and keeps an Outperform rating on the stock.

BHI

Changed to BHGE

$61.27

-0.61 (-0.99%)

GE

General Electric

$31.25

-0.19 (-0.60%)

  • 29

    Nov

  • 29

    Nov

  • 01

    Dec

  • 08

    Dec

  • 08

    Dec

BHI Changed to BHGE
$61.27

-0.61 (-0.99%)

11/01/16
ARGS
11/01/16
NO CHANGE
ARGS
Baker Hughes price target raised to $65 from $56 at Argus
Argus analyst Bill Selesky raised his price target on Baker Hughes (BHI) after the company agreed to combine with GE's (GE) oil and gas unit. The analyst expects the new company to compete more effectively with Halliburton (HAL) and Schlumberger (SLB). He expects Baker Hughes to be boosted by GE's digital technology, and keeps a Buy rating on Baker Hughes.
11/01/16
11/01/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Chevron (CVX) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Evan Calio saying he believes Chevron is differentiated and has the largest free cash flow inflection in 2017-2019 from project start-ups, primarily Wheatstone and Gorgon, driving production growth to 16%, has the best short-cycle opportunity globally, particularly in the Permian,and has higher oil leverage into a cyclical price recovery. 2. Baker Hughes (BHI) upgraded to Neutral from Underweight at Atlantic Equities. 3. Johnson Controls (JCI) upgraded to Conviction Buy from Buy at Goldman with analyst Joe Ritchie saying he believes Johnson's fundamentals are improving, cost savings should support EBIT growth, and valuation is inexpensive. 4. Brocade upgraded to Outperform on potential takeover at RBC Capital with analyst Mitch Steves saying he believes Brocade makes sense as a strategic asset to the right operator and would be mid-single-digit accretive to the acquirer. 5. VMware (VMW) upgraded to Buy from Hold at Summit Redstone. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/01/16
11/01/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. MasterCard (MA) downgraded to Neutral from Buy at Guggenheim. 2. L Brands (LB) downgraded to Neutral from Buy at Mizuho with analyst Betty Chen saying the company's third quarter earnings per share miss "demonstrates the severity of the challenges" it's facing, and she believes that its outlook is "cloudy." 3. GoDaddy (GDDY) downgraded to Neutral from Buy at Monness Crespi with analyst James Cakmak citing valuation and saying he sees limited upside to estimates but expects another solid quarter. 4. Baker Hughes (BHI) downgraded to Outperform from Strong Buy at Raymond James. 5. Level 3 (LVLT) downgraded to Neutral from Buy at Goldman, to Sector Perform from Outperform at RBC Capital, and to Hold from Buy at Jefferies. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/21/16
SUSQ
11/21/16
NO CHANGE
Target $70
SUSQ
Positive
Baker Hughes price target raised to $70 from $64 at Susquehanna
Susquehanna analyst Charles Minervino raised his price target on Baker Hughes (BHI) to $70 from $64 as he believes the share price is still not adequately reflecting the premium paid by General Electric (GE). He believes the assumptions laid out by GE in its presentation to sell the deal were conservative. Minervino reiterated his Positive rating on Baker Hughes shares.
GE General Electric
$31.25

-0.19 (-0.60%)

11/01/16
COWN
11/01/16
NO CHANGE
Target $65
COWN
Outperform
Baker Hughes has an upside case to $72 per share, says Cowen
Cowen analyst Mark Bianchi said Baker Hughes' (BHI) merger with General Electric's (GE) O&G unit was not what many had hoped for, as it dilutes its exposure to a recovery, adding that investors appear to be unwilling to pay for promised benefits of integration that will take time to be proven. Bianchi said the base case for valuation suggests a $64 price target but if higher synergies are achieved, as were discussed by both parties, upside could be as high as $72 per share. Bianchi maintained his Outperform rating and $65 price target on Baker Hughes shares.
11/28/16
BERN
11/28/16
NO CHANGE
BERN
Boeing new executive to bring outside perspective, says Bernstein
Bernstein analyst Douglas Hamed says that the new CEO of Boeing Commercial Aircraft, Kevin McAllister, "should bring a perspective about competitors and aircraft services that Boeing (BA) lacks today," since he has been working at GE (GE). The analyst notes that Boeing's commercial unit has to make new decisions about its platform and is looking to launch a new services business. McAllister keeps a $176 price target and an Outperform rating on Boeing.

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