BofA raised the firm’s price target on Weatherford to $123 from $120 and keeps a Buy rating on the shares as the company has continued to beat and raise expectations. Consensus FY24 adjusted EBITDA estimates are up 26% and consensus FY24 free cash flow projections are up 16% over the past 12 months, notes the firm, which sees further upside to Weatherford’s cash generation and reiterates the stock as its top 2024 oil field services mid-cap pick.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on WFRD:
- Weatherford International Plc’s New Demand Risk – A Cause for Worry?
- Weatherford price target raised to $138 from $135 at Piper Sandler
- Weatherford Announces Executive Departures and Benefits
- Weatherford Completes Private Equity Sales with Strategic Acquisitions
- Weatherford sees FY24 revenue growth between double digits and low teens YoY