UPDATE: Goldman Sachs Upgrades Baker Hughes on Improving Market

In a report published Monday, Goldman Sachs analyst Waqar Syed upgraded the rating on Baker Hughes (NYSE: BHI) from Neutral to Buy, and raised the price target from $60.00 to $72.00.

In the report, Goldman Sachs noted, “Given our price increase forecast for drilling rigs and PP, we add PTEN, the second largest land driller and premier Marcellus/Permian pressure pumper, to the CL. HAL – the leading US pressure pumper – is already on the CL. We upgrade BHI to Buy, as an improving PP market should help it reach margin targets.”

Baker Hughes closed on Friday at $61.80.