NEW YORK ( TheStreet) -- Back in May, I talked about the struggles that energy services giant Baker Hughes ( BHI) continues to face in an industry that has been marred by slumping prices and weak rig counts.As with Halliburton ( HAL) and Schlumberger ( SLB), Baker Hughes showed tremendous progress in the April quarter. In fact, Baker Hughes was the only one of the three companies to post any sequentially growth. But that was as far as the advantages went. While I was willing to give management plenty of credit for the noticeable improvements, I also couldn't ignore that Baker Hughes also took a significant hit on year-over-year revenue growth and profits, which declined 2% and 30%, respectively. Credit Suisse, meanwhile, saw it another way. Despite the underperformance, Credit Suisse felt it was necessary to assign a $54 price target on shares of Baker Hughes, which (at the time) was a 25% premium from current levels -- a move that I thought was highly premature, if not a complete mistake.