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UPDATE: Societe Generale Upgrades Weatherford International to Hold Following Selloff

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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

DateFirmActionFromTo
Jun 2016Imperial CapitalInitiates Coverage onIn-line
Jun 2016CitigroupMaintainsBuy
Jun 2016Bank of AmericaInitiates Coverage onUnderperform

View More Analyst Ratings for WFT
View the Latest Analyst Ratings

Posted-In: Societe GeneraleAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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