Jefferies Trims Numbers, Maintains 'Buy' on Weatherford (WFT) Following CEO Departure
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Jefferies analyst Brad Handler trimmed his price target on Weatherford International (NYSE: WFT) to $7.00 (from $7.50) but maintained a Buy after the departure of the CEO.
Handler commented, "The departure of the CEO reflects an important milestone for the company, in our view. We have to imagine that the recently refocused WFT should see no change in direction, yet, we think Bernard's exit strengthens a culture of accountability and, we imagine, can improve morale. Maintain Buy on our view of earnings potential and strong relative recovery prospects. We publish estimates incorporating 3Q16 results and lower our PT to $7."
The firm also trimmed FY 2016 EPS from ($1.05) to ($1.21) and FY 2017 EPS from ($0.50) to ($0.90).
Shares of Weatherford International closed at $5.06 yesterday.
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