Baker Hughes Co. (NASDAQ:BKR) is one of the 10 oversold NASDAQ stocks to invest in right now.
On July 8, Susquehanna reduced its target price for Baker Hughes Co. (NASDAQ:BKR) from $80 to $70, resulting in a revised upside potential of almost 33%
The firm also reiterated its Positive rating on the stock after making changes to its model prior to the forthcoming earnings announcements. Photo by Zbynek Burival on Unsplash Susquehanna noted that the commodity prices had dropped and then risen back to normal levels, which has led to changes in estimates for the broader industry. It anticipates an optimistic mid-term outlook despite the uncertainties linked with the U.S.-Iran conflict.
This is supported by expectations of elevated spending on oilfield services during the coming years. Back on June 25, Baker Hughes Co. (NASDAQ:BKR) disclosed a substantial award from Azule Energy to offer subsea production solutions for the Greater PAJ project in Angola. As part of the agreement, the company will provide deepwater horizontal tree systems to facilitate ultra-deep offshore greenfield output.