UBS Upgrades Weatherford International plc (WFRD) to Buy

UBS analyst Josh Silverstein upgraded Weatherford International plc (NASDAQ: WFRD) from Neutral to Buy with a price target of $114.00 (from $113.00).

The analyst comments: “We upgrade WFRD from Neutral to Buy with a $114 PT. WFRD has fallen by 18% since the Middle East conflict's start, underperforming the OIH by 16%. We attribute the underperformance to near-term Middle East headwinds. We see this pressure as temporary, with a post-conflict recovery driving a meaningful acceleration in region activity, supported by an estimated ~$137.5Bn of regional O&G project tenders. Further, WFRD is well positioned to benefit from growing offshore/deepwater development activity through Managed Pressure Drilling (MPD), while improving Pemex collections support higher FCF conversion. The pending NCSM acquisition also offers value creation opportunity through cost synergies and international expansion. We see the stock implying $950-1,000mm of 2027 EBITDA vs. our $1,213mm estimate.”

For an analyst ratings summary and ratings history on Weatherford International plc click here. For more ratings news on Weatherford International plc click here.

Shares of Weatherford International plc closed at $83.58 yesterday.

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