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BofA initiates coverage on Weatherford International with a Buy rating; stock jumps 2.5%
Summary
Shares of Weatherford International (NASDAQ: WFRD) rose by 2.5% to reach US$97.09 following Bank of America Global Research's initiation of coverage on the company. The broker gave Weatherford a 'buy' rating and a price target, which is ~26% higher than Friday’s closing price.
Weatherford International offers a variety of oilfield services on a global scale, catering to different types of oilfields. The stock is currently being traded at a discounted valuation, and the broker foresees the value gap closing in the next 12 months.
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