Piper Sandler analyst Luke Lemoine raised the firm’s price target on Weatherford to $138 from $135 and keeps an Overweight rating on the shares. The firm believes Weatherford remains the best turnaround story Piper has ever seen, and thinks there’s still room to run as 2024 revenue growth should outpace the market, the 25% margin target is part of the journey not the destination, and the return of cash to shareholders should begin this year.
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Read More on WFRD:
- 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
- Weatherford completes acquisitions in the wireline space from Turnbridge
- Weatherford reports Q4 EPS $1.90, consensus $1.36