Baker Hughes: Strong IET Performance, Raised Forecasts Drive Buy Rating and Increased $80 Price Target

Analyst Phillip Jungwirth from BMO Capital maintained a Buy rating on Baker Hughes Company and increased the price target to $80.00 from $70.00.

Phillip Jungwirth has given his Buy rating due to a combination of factors, including stronger-than-expected results in the Industrial & Energy Technology segment and resilient performance in Oilfield Services & Equipment despite geopolitical uncertainty. He highlights robust IET orders across power, new energy, and LNG, alongside improving margins and management’s confidence in meeting or exceeding the mid-point of 2026 IET EBITDA and order targets, which together justify a higher valuation multiple and an increased $80 price target.

Jungwirth also emphasizes that Baker Hughes maintained its 2026 guidance ranges while demonstrating upside versus prior expectations, with 2Q EBITDA and IET revenue forecasts raised on the back of 1Q outperformance. He notes that long-term exposure to LNG, gas infrastructure, power, and energy transition markets, combined with leverage to a cyclical recovery in global upstream spending and sum-of-the-parts valuation upside, supports his Outperform view and reinforces the Buy recommendation on the stock.

In another report released today, TD Cowen also assigned a Buy rating to the stock with a $75.00 price target.

BKR’s price has also changed dramatically for the past six months – from $47.300 to $68.940, which is a 45.75% increase.