Piper Sandler analyst Derek Podhaizer lowered the firm’s price target on Baker Hughes (BKR) to $53 from $55 and keeps an Overweight rating on the shares. The “double whammy” of reciprocal tariffs and more than expected OPEC+ production hikes sent the market into a tailspin over the past two days as fears of recession mount, the firm notes. Now with oil falling below $60/bbl creates significant uncertainty for Services as activity cuts and calls for pricing concessions are likely.
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Read More on BKR:
- Baker Hughes reports U.S. rig count down 2 to 590 rigs
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- Baker Hughes reports U.S. rig count up 1 to 593 rigs
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