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Fly News Breaks for September 18, 2018
WFT
Sep 18, 2018 | 16:48 EDT
Morgan Stanley analyst Connor Lynagh initiated Weatherford with an Equal Weight rating and a price target of $4 as part of his broader research note on Oil Services Drilling/Equipment industry. The analyst says the company appears to be on track toward the turnaround of its "historically underperforming business", but sees its financial risk as too high. In spite of its strong leadership team and the prospects of more aggressive cyclical leverage, Lynagh warns that Weatherford's free cash flow has been negative or neutral.
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