UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Weatherford International PLC on Lowered Estimates

In a report published Thursday, Credit Suisse analyst James Wicklund reiterated an Outperform rating on

, but lowered the price target from $23.00 to $20.00. In the report, Credit Suisse noted, “We are reducing our Q4, 2015 and 2016 EPS estimates to $0.34, $1.14, and $1.52, respectively, from $0.39, $1.35, and $1.73, owing to updated guidance provided by the company today at a conference. Concurrently, our target price goes to $20 from $23 and is based on 6x our 2016 EBITDA estimate – WFT's EBITDA multiple has ranged from 5x to 14.7x since 2003.” Weatherford International PLC closed on Wednesday at $13.19.