UPDATE: Citigroup Maintains Neutral Rating, Raises PT for Baker Hughes

In a company update released earlier today, Citigroup Inc. maintained its Neutral rating for Baker Hughes Incorporated (NYSE: BHI) and raised its price target from $46.00 to $48.00.

Citigroup said in their report “Going forward, the company announced an operational plan to address supply chain issues that had contributed to its recent margin pressures while reducing its 2012 capex in response to the softening market conditions. We remain Neutral as we expect it will take another quarter for earnings to bottom and for investors to become more receptive. However, the negative sentiment that has been weighing on the stock should lighten if the company shows operational progress by 2H12.”

Baker Hughes Incorporated closed yesterday at $43.04.