Citi initiated coverage of Weatherford with a Buy rating and $155 price target. The company’s post-pandemic turnaround “has been nothing short of remarkable” as a new management team has changed the corporate culture and Weatherford’s EBITDA margins should match SLB’s in 2024, the analyst tells investors in a research note. The firm says margin upside still lies ahead via the company’s deepwater growth and optimizing fabrication locations. Citi expects further multiple expansion for the shares.
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