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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Second_Titan who wrote (87471)	2/16/2001 2:57:51 PM
From: excardog	Respond to of 95453

UPGRADES Baker Hughes Inc. (BHI) -- Upgraded to Buy from Accumulate. Price objective is $51. Analyst is Poe Fratt, whose comments follow: Quote Snapshot BHI 41.45 1.28 "Due to improving profitability, a budding international drilling recovery due to increasing integrated oil capital spending and new leadership, we are upgrading our investment rating on Baker Hughes from Accumulate/Aggressive to Buy/Aggressive. We believe that the 5% drop in the stock price today is unwarranted in response to tepid comments from management about the 1H2000 outlook has created an attractive opportunity to buy one of the major oilfield service companies. "Over the past 12 months, significant progress has been made turning around Baker Hughes and re-focusing the companies on its core oilfield service business. These actions include the hiring of a new leader, resolution of the accounting issues at INTEQ, and restructuring within under-performing divisions, including the formation of a seismic joint venture. Coupled with sale of E&P properties and expected sale of Baker Process, the company appears to be making steps in the right direction and removing uncertainties that clobbered the stock price in late 1999. In August 2000, Michael E. Wiley joined Baker Hughes as chairman, president and CEO. Mr. Wiley previously served as head of ARCO prior to its acquisition by BP Amoco and is a seasoned industry veteran whose strong leadership should benefit BHI. New management should create a more efficient, profitable company and restore investor confidence. We expect the change in leadership to have a positive impact on Baker Hughes' long-term earnings outlook, future profitability and stock price."