UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Weatherford International Ltd.

In a report published Wednesday, Citigroup reiterated its Buy rating on Weatherford International Ltd. WFT, but lowered its price target from $16.00 to $14.00. Citigroup noted, “Recent profit warnings on fourth quarter results by Schlumberger and Baker Hughes clearly signal that the major oil service companies are facing challenging market conditions at the end of 2012. We don't expect WFT to meet its guidance of $0.20 per share for 4Q12. We have lowered our 4Q estimate from $0.20 to $0.14 based on concerns about the pricing environment in NAM and a slowing international market. The strong performance of WFT and other oil service stocks today signals that investors are well aware of the current profit issues and are looking ahead to 2013.” Weatherford International Ltd. closed on Tuesday at $11.12.