Zacks Investment Research downgraded shares of Weatherford International Ltd (WFT) from NEUTRAL to UNDERPERFORM on October 11, 2012, with a target price of $11.00.
We are maintaining our recommendation on Weatherford International Ltd. at Underperform following the delay in reporting of income taxes due to the material weakness in internal controls. Weatherford expects weather-related issues in Canada and a poor-margin Iraqi contract to hurt operations and lower average output in 2012. Low gas prices also remain a concern. Other risks faced by Weatherford are geopolitical, commodity and financial market risks. Given these headwinds, we expect shares of Weatherford to be under pressure in the near future.
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