Wells Fargo upgraded Baker Hughes to Overweight from Equal Weight with a price target of $42, up from $40, as part of a broader research note on Energy Servieces. The firm is raising the multiple for the Industrial & Energy Technology segment, IET, reflecting better prospects and valuation opportunities for this diversified segment helping in offsetting the lower multiple for the Oilfield Services & Equipment segment, OFSE, which reflects its “muted views” for this business that is consistent with its peers, the analyst tells investors in a research note.

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