- Baker Hughes (BHI -2.8%) is upgraded to Speculative Buy from Accumulate at Seaport Global on the belief the merger with Halliburton (HAL -3.3%) is a 90% probability, but shares are down anyway as energy companies trade broadly lower.
- The firm says recent news related to the merger indicates the deal continues to progress toward a likely close in late January 2016, while its conversations with HAL indicate that the company to wrap up asset sales before year-end.
- Seaport believes GE is the most likely buyer of the assets, since GE is increasing its energy focus and it has indicated the likelihood of further acquisitions.