Jefferies Upgrades Weatherford International (WFT) to Buy

Jefferies upgraded Weatherford International (NYSE: WFT) from Hold to Buy with a price target of $14.00 (from $15.00).

Analyst Brad Handler commented, "We upgrade WFT to Buy from Hold. We do lower EPS/EBITDA estimates for 2015 and 2016 to ($0.25)/$1.52B and $0.15/$1.96B, respectively, from ($0.05)/$1.78B and $0.40/$2.28B, respectively, and we tweak our PT down to $14 from $15."

He added, "We note that we believe there is still some risk to WFT in this unfolding downturn, particularly as production-related spending cuts have been apparently as vigorous as in drilling and completion, which undermines some of the argument regarding WFT’s more resilient product positioning in the midst of the current downturn, and as WFT struggles with significant share loss and (likely) unprofitable operations in its U.S. stimulation business."

For an analyst ratings summary and ratings history on Weatherford International click here. For more ratings news on Weatherford International click here.

Shares of Weatherford International closed at $11.48 yesterday.

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