Zacks upgraded shares of Weatherford (NYSE: WFT) from an underperform rating to a neutral rating in a research note issued to investors on Wednesday. The firm currently has $12.00 target price on the stock.

Zacks’ analyst wrote, “We are upgrading our recommendation on Weatherford International Ltd. to Neutral from Underperform. During the fourth quarter, the company’s earnings and revenues increased on an annual basis, mainly on positive results from all segments except North America. Weatherford foresees sustained growth and expanding margins in its Latin America region, supported by improvements in Argentina and Mexico. We remain optimistic on Weatherford’s operational and financial leverage to international growth in 2013. However, Weatherford’s debt-heavy balance sheet, its weak incapability to generate strong free cash flow as well as competition from larger peers is cause for concern. Given these headwinds, we believe that the Weatherford shares will move in line with broader market indices.”

Other equities research analysts have also recently issued reports about the stock. Analysts at BMO Capital Markets cut their price target on shares of Weatherford from $14.00 to $11.00 in a research note to investors on Monday, March 11th. Finally, analysts at TheStreet reiterated a hold rating on shares of Weatherford in a research note to investors on Monday, March 4th.

Eleven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Weatherford has an average rating of Hold and an average target price of $14.85.

Shares of Weatherford (NYSE: WFT) traded up 1.22% during mid-day trading on Wednesday, hitting $11.5799. Weatherford has a one year low of $11.11 and a one year high of $12.35. The stock’s 50-day moving average is currently $11.7. The company’s market cap is $8.860 billion.

Weatherford International Ltd. (NYSE: WFT) is a provider of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells.

To view Zacks’ full report, visit www.zacks.com

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