UPDATE: ISI Group Downgrades Weatherford International to Neutral on Continued Headwinds

In a report published Monday, ISI Group analyst Judson E. Bailey downgraded the rating on Weatherford International Ltd. WFT from Strong Buy to Neutral. In the report, Bailey noted, “Although we believe WFT's accounting issues are largely in the rear view mirror, we believe the Company's next phase still faces a number of challenges, including right sizing its operations in the Middle East, a limited offshore presence (where we expect most of the growth to materialize), multiple challenges in a slow growth NAM market, and a highly leveraged balance sheet.” Weatherford International Ltd. closed on Friday at $13.59.