Citi lowered the firm’s price target on Weatherford (WFRD) to $95 from $110 and keeps a Buy rating on the shares. The firm says that among the global oilfield service companies, Weatherford has relatively greater exposure to two areas of declining investment, namely Mexico and the oil side of activity in Saudi, the analyst tells investors in a research note. With the declines intensifying beyond Citi’s recent expectations, the firm reduced the company’s Q4 revenue forecast by 2% to $1.3B.
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Read More on WFRD:
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- Piper assumes Oilfield Services coverage with 4 buys, 4 neutrals
- Weatherford initiated with a Neutral at Piper Sandler
- Weatherford price target lowered to $105 from $147 at Barclays
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