Baker Hughes (BHGE -7.6%) share weakness today presents a buying opportunity, Tudor Pickering says following news that GE will give up its majority stake in the oil services company.
Tudor's desk says it would buy BHGE shares at sub-$22.50 and become more aggressive sub-$22, although the firm rates BHGE as a Hold.
If investors are seeking a pair trade, Tudor says to look at going long BHGE while short Schlumberger (NYSE:SLB).
BHGE shares finish with their worst loss since April 30, while analysts offered mixed opinions on GE's stake reduction.
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