J.P. Morgan Maintains Neutral on Weatherford International
J.P. Morgan is out with its report today on Weatherford International (NYSE: WFT), maintaining Neutral.
In a note to clients, J.P. Morgan writes, "Overall, we are concerned international upstream spending may take longer to materialize; meanwhile, its larger competitors have emerged from the downturn in an arguably stronger position. Additionally, the upcoming FCPA ruling and a recent tax accounting error have made investors increasingly skittish. As such, we believe Weatherford faces greater operational and financial risk than some of the other names in our coverage universe, justifying our Neutral recommendation on the stock."
J.P. Morgan maintains a $23 PT on WFT.
At the time of posting, shares of WFT were trading at $18.99, up 0.96% from Friday's close.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.