Jefferies Raises Price Target on Baker Hughes (BHI) Following Analyst Event in Germany

Jefferies is reiterating their Buy rating on shares of Baker Hughes (NYSE: BHI) following their successful analyst event in Celle, Germany. The company's confidence in the company has been raised and as a result, they are raising their price target to $81 from $79.

CEO Chad Deaton started the event with a very bullish attitude commenting the company is really looking forward to the future as they unveiled three new exciting products, including one targeted at deepwater (GeoForm) and two (IN-Tallic Frac Balls and the AutoTrack Curve).

The company set some strong goals for the coming future which include have the leading margins in North America throughout the cycle; boosting international margins to 15% by year-end 2011; supply chain excellence; being a leader in worldwide deepwater markets; and being number 2 worldwide in pressure pumping.

For more ratings news on Baker Hughes click here and for the rating history of Baker Hughes click here.

Shares of Baker Hughes closed at $68.99 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• William Blair Downgrades Enovix Corporation (ENVX) to Market Perform
• AppLovin Corp (APP) PT Lowered to $440 at Benchmark to Reflect Maturing Gaming Business
• UBS Reiterates Buy Rating on BJ's Wholesale (BJ), Expects 'Solid' Q2 Print