Deutsche Bank analyst Chris Snyder initiated coverage of Baker Hughes with a Buy rating and $32 price target, also assigning a Top Pick designation on the stock. The analyst notes that commodity prices should be "soft" and "range-bound" through at least the first half of 2020, but he is attracted to the company's long-cycle LNG business lines, stable and diversified end markets, as well as "strong" exposure internationally. Snyder adds that Baker Hughes should be able to drive strong margin expansion with the ongoing "LNG FID" wave and after-market service agreements.