Canaccord Lowers EPS Estimates on BHI - ETFs To Watch
By Market News Video Staff, Monday, November 1, 10:46 AM ET
Canaccord said that the market was clearly disappointed with the lack of a bigger EPS beat and lowered expectations for Baker Hughes (NYSE:BHI), but they think stock was oversold yesterday.
Going forward the DD&A step up and higher tax rate, along with slow recovery in international markets has prompted Canaccord to lower their 2010 and 2011 EPS estimates to $1.75 and $3.00 respectively. They set a $60 price target which is based on 7.3x 2011E EV/EBITDA.
Using the ETF Finder investors can narrow in on ETFs that hold Baker Hughes.
The Oil Services HOLDRS (AMEX:OIH) ETF has about 12.5% in Baker Hughes - third largest holding behind Halliburton (NYSE:HAL) and Schlumberger (NYSE:SLB).
The iShares Dow Jones U.S. Oil Equipment & Services Index Fund (AMEX:IEZ) has about 6.75% in Baker Hughes, also behind Schlumberger and Halliburton, and the PowerShares Dynamic Oil & Gas Services Portfolio (AMEX:PXJ) has roughly 5% in Baker Hughes.
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