By Houston Business Journal

After nearly quadrupling its net income for the fourth quarter 2010, analysts are upgrading the outlook for oilfield services company Baker Hughes Inc.

Jefferies & Co. raised Baker Hughes⿿ price target to $79 from $69 and reiterated its ⿿buy⿝ rating for the company.

Tudor, Pickering, Holt & Co. upgraded Houston-based Baker Hughes (NYSE: BHI) to ⿿buy,⿝ saying the company ⿿did what it had to do⿝ in terms of performance.

The company was also upgraded to ⿿buy⿝ from ⿿hold⿝ at Weeden & Co. and to ⿿outperform⿝ from ⿿neutral⿝ at Macquarie.

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