Barclays Maintains an 'Overweight' on Weatherford Intl (WFT); Ex Transitory Issues, Trends Improving

Barclays maintains an 'Overweight' on Weatherford International (NYSE: WFT) price target of $24.00.

Barclays analyst says, "We believe that Weatherford is well positioned to benefit from the multi-year expansion in international E&P spending which is now under way. Execution has improved in recent quarters; however, the stock has declined sharply over the past several weeks as the investment community has de-risked. In our opinion, there is considerable value in the stock and as "risk-on" returns and investor confidence increases in tandem with an acceleration in international activity, the stock could outperform relative to its peers."

"We are reducing our 4Q, 2012 and 2013 EPS estimates to $0.34 (from $0.36), $1.55 (from $1.70) and $2.05 (from $2.25) reflecting modestly reduced revenue and margin expectations (both internationally and in North America)."

For more ratings news on Weatherford International click here and for the rating history of Weatherford International click here.

Shares of Weatherford International closed at $14.67 yesterday.

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