UPDATE: Deutsche Bank Lowers PT to $24 on Weatherford International; Reiterates Buy on Catalysts
Deutsche Bank reiterated its Buy rating on Weatherford International (NYSE: WFT) but reduced its price target from $30 to $24 following a messy quarter and accounting issues.
Deutsche Bank said, "Investors are justifiably frustrated with WFT after yet another messy quarter where accounting issues expanded from tax to operations. At current levels, we are inclined to argue that the accelerating international cycle is likely to increasingly overshadow the money losing contracts rolling off. Meanwhile, tax accounting issues have dragged on longer than expected but are likely near an end. Likewise, various government investigations appear to be winding down, all of which offers a catalyst-rich backdrop."
Weatherford International closed at $9.15 on Tuesday.
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