UPDATE: Jefferies Upgrades Baker Hughes to Buy on Greater Confidence, Upside Potential

In a report published Wednesday, Jefferies analyst Brad Handler upgraded the rating on

from Hold to Buy, and raised the price target from $48.00 to $54.00. In the report, Jefferies noted, “We upgrade BHI to Buy from Hold and raise our PT to $54 from $48 to reflect greater confidence in (1) near- and medium-term revenue and margins in U.S. pressure pumping, driven in part by more 24-hour operations and (2) 2H13 margin and medium-term revenue confidence in the Eastern Hemisphere. Our thesis dovetails with our large cap service preference within the group.” Baker Hughes closed on Tuesday at $45.42.