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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on WHD:
- Cactus enters agreement to acquire 65% controlling interest in Baker Hughes SPC
- Cactus Acquires Stake in Baker Hughes Business
- Baker Hughes, Cactus create joint venture for surface pressure control services
- Cactus price target lowered to $50 from $52 at JPMorgan
- Cactus Inc. Holds Annual Stockholders Meeting