UPDATE: Societe Generale Upgrades Weatherford International to Hold Following Selloff
Societe Generale raised its rating on Weatherford International (NYSE: WFT) from Sell to Hold and increased its price target from $10 to $10.50.
Societe Generale noted, "A successful resolution to WFT's tax accounting problems appears to be on the cusp, and we upgrade to Hold from Sell after yesterday's steep sell-off. A wind down of the massive back office focus on tax should drive improved corporate focus on field level operations / profitability. Investor sentiment should improve with a more visible earnings outlook, and WFT's new growth strategy with a focus on returns over revenue could allow it to be viewed more comparably to larger peers."
Weatherford International closed at $9.15 on Tuesday.
Latest Ratings for WFT
|Oct 2014||ISI Group||Initiates Coverage on||Buy|
|Oct 2014||Citigroup||Initiates Coverage on||Neutral|
|Oct 2014||Bank of America||Maintains||Buy|
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