UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Baker Hughes Following 2Q13 Earnings Report

In a report published Monday, Jefferies analyst Brad Handler reiterated a Buy rating on

, and raised the price target from $54.00 to $56.00. In the report, Jefferies noted, “BHI's poor visibility into Latam's weakness in 2Q and margin guidance for the U.S. hardly reassures, but at the risk of sounding trite, we always believed margins would improve more dramatically in 2H13, at least in the Eastern Hemisphere. Despite the recent strength in shares, we maintain our Buy rating on improvement potential and our medium-term earnings growth outlook. We do lower 2013/2014 EPS to $2.95/$4.30 from $3.15/$4.35.” Baker Hughes closed on Friday at $47.80.