Zacks Investment Research upgraded shares of Baker Hughes Incorporated (BHI) from UNDERPERFORM to NEUTRAL on October 30, 2012, with a target price of $46.00.
We are upgrading our recommendation on Baker Hughes Inc. to Neutral from Underperform. A series of contract wins and integrated drilling services has placed the company well in the emerging markets of GoM and North Sea. The company is also gaining traction in the Middle East and unconventional markets in Saudi Arabia. The company's effort to reform its pressure pumping business in the US, along with expectations of improved international margins will likely improve its revenues going forward. However, its third-quarter 2012 results suffered from the discrepancies in the North American Pressure Pumping business. Besides, weak activity in several important markets of Baker Hughes resulted in an unfavorable mix.
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