Deutsche Bank Maintains Buy on Weatherford International
Deutsche Bank has published a research report on Weatherford International (NYSE: WFT) and has lowered the price target from $34 to $33 after the company reported in-line 4Q expectations.
In the report, Deutsche Bank writes, "Although revelations of further internal tax accounting issues are an unwelcome negative, we do not feel they break new ground. Unfortunately, they overshadowed a strong operating result which appeared to support our thesis: We continue to believe that WFT has the most leverage to the facets of the international market that are improving most rapidly while North America (NA) margin trajectory is beginning to diverge from peers. Debt reduction was an added plus. We continue to rate WFT a BUY and it remains our TOP PICK."
Deutsche Bank maintains its Buy rating on Weatherford, which is currently trading up $0.40 from yesterday's $15.36 closing price.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.