BKR - Baker Hughes upgraded at BMO as YTD weakness looks overdone

Baker Hughes ([[BKR]] -0.5%) trades modestly in the red despite winning an upgrade to Outperform from Market Perform with a $26 price target at BMO Capital, which sees an attractive entry point after shares have materially lagged peers Schlumberger ([[SLB]] +0.3%) and Halliburton ([[HAL]] -0.4%) with the recovery in oil prices and upstream spending.Baker shares have slipped 3.5% YTD, compared with a nearly 30% gain in the S&P 500 Energy Index.BMO also anticipates margin improvement at Baker, along with "strong growth from [Turbomachinery & Process Solutions] backlog conversion with the recovery in TPS services being margin accretive."Baker Hughes CEO Lorenzo Simonelli has said the energy industry is poised for a recovery this year, with an even more balanced market going into 2022.

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Baker Hughes upgraded at BMO as YTD weakness looks overdone