In a report published Thursday, Credit Suisse analyst James Wicklund reiterated an Outperform rating on Weatherford International PLC WFT, 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.
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