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Fly News Breaks for October 26, 2016
BHI
Oct 26, 2016 | 06:15 EDT
Cowen analyst Marc Bianchi upgraded Baker Hughes to Outperform and raised its price target to $65 from $47 citing the solid Q3 report and cost cutting potential. Bianchi said cost cutting execution has been impressive with a total of $1B in savings, compared to guidance of $650M by year end 2016, and sees more to come. He believes investors have been sidelined since the merger and have waited for tangible evidence of execution and expects the valuation gap versus peers to being to close.
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