UPDATE: Societe Generale Upgrades Weatherford International to Hold Following Selloff

Societe Generale raised its rating on Weatherford International 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.