Simmons Upgrades Weatherford International (WFT) to Overweight
Simmons, a unit of Piper Jaffray, upgraded Weatherford International (NYSE: WFT) from Neutral to Overweight with a price target of $8.00 (from $7.20).
Analyst Bill Herbert commented, "We are upgrading WFT to Overweight from Neutral as the recent $1B convert offering, in our view, redefines the downside from potentially distressing to acceptable. As we expressed yesterday, "We are supportive of this transaction as we believe it materially improves the financial resilience of the company and allows management to more fully concentrate on running/improving the operational business as opposed to repeatedly being enveloped, with increasing frequency, by serial crises.""
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Shares of Weatherford International closed at $5.89 yesterday.