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Fly News Breaks for May 6, 2016
WFT
May 6, 2016 | 07:02 EDT
Wells Fargo analyst Judson Bailey downgraded Weatherford International to Market Perform citing "significantly greater concern" about the company's liquidity position. The analyst sees a "significantly lower" cash flow outlook for Weatherford through 2017 after the company reported "meaningfully lower-than-expected" EBITDA and free cash flow in Q1 and offered new commentary around the Zubair project in Iraq that suggests more risk than expected for final payments. Bailey lowered his price target for the shares to $5.00-$6.50 from $8-$11.
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