UPDATE: Jefferies Upgrades Weatherford International to Hold in Gradual Improvement

Jefferies raised its rating on Weatherford International WFT from Underperform to Hold and reduced its price target from $11 to $10. Jefferies commented, "The operating weaknesses in 3Q12 further expose the risk in getting too optimistic about quick improvements in results. But we do see value in WFT and are somewhat encouraged by the conversation around lower capex/greater focus/exiting E&C-type projects going forward. We lower our PT to $10 from $11, largely on 50 bps higher WACC (i.e., to better reflect risk) and somewhat lowered estimates, but upgrade to Hold from Underperform." Weatherford International closed at $9.15 on Tuesday.