Goldman Sachs Starts Baker Hughes (BHI) at Buy

Goldman Sachs initiates coverage on Baker Hughes (NYSE: BHI) with a Buy rating and $80 price target.

BHI benefits from forecast global E&P spending increases, as well as internal cost cutting initiatives, the firm notes. They expect the company to get close to its 15% operating income margins in its international segment for 4Q11.

After Halliburton (NYSE: HAL), Goldman said "BHI now has the most exposure to North American drilling, and should US drilling activity and pressure pumping remain strong as we expect, BHI should outperform."

For an analyst ratings summary and ratings history on Baker Hughes click here. For more ratings news on Baker Hughes click here.

Shares of Baker Hughes closed at $50.72 yesterday.

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