©Reuters.
On Wednesday, Barclays initiated coverage on shares of Weatherford International plc (NASDAQ:) with an Overweight rating and set a price target of $135.
Although the company has experienced rapid growth in the past, it faced challenges due to poor management, excessive spending, and poor execution that led to bankruptcy. Since the 2019 reorganization, Weatherford has undergone significant changes under the leadership of his CEO, Girish Saligram. The new strategy focuses on improving margins and generating free cash flow (FCF), positioning the company well for the ongoing industry cycle.
Barclays highlighted the transformation Weatherford has undergone in recent years, highlighting its move from a company with a checkered past to one with a strong culture of accountability and effective execution. Analysts at the company noted that the company's past problems should not overshadow its current potential or the strategic review it has successfully implemented.
Commenting on the company's evolution, Barclays analysts said, “For many investors, the Weatherford name may evoke memories of a checkered history, but over the past few years Weatherford has grown in responsibility and responsibility. It shows how it has evolved into a completely different company with a culture that values “the ability to execute that was previously lacking.'' ”
Weatherford's share price rating and price target reflect Barclays' confidence in the firm's revamped strategy and well-positioned portfolio for the expected length of the current market cycle.
This article was generated with the help of AI and reviewed by an editor. Please see our Terms of Use for more information.
