Barclays upgraded Cactus (WHD) to Overweight from Equal Weight with a price target of $54, up from $51. The company made a “transformative deal” acquiring a majority stake in Baker Hughes’ (BKR) Surface Pressure Control business with more than 30% of pro-forma revenue from the Middle East, the analyst tells investors in a research note. The firm says a more balanced portfolio and “considerable upside” to share and margins solidifies Cactus as the “go-to quality Smid Cap name” in energy services.
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Read More on WHD:
- Cactus enters agreement to acquire 65% controlling interest in Baker Hughes SPC
- Cactus Acquires Stake in Baker Hughes Business
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