Baker Hughes price target raised to $40 from $36 at Citi

Citi analyst Scott Gruber raised the firm’s price target on Baker Hughes to $40 from $36 and keeps a Buy rating on the shares. The analyst believes the currency tailwind has not been reflected in the company’s guidance, its cost restructuring will benefit this year, liquified natural gas aftermarket should improve and new leadership likely built in some cushion into the outlook. The firm sees the potential for a beat in the second half of 2023 and 2024.