Slightly Lowering Weatherford FVE Due to Financial Distress Risk
We are lowering our fair value estimate for Weatherford to $1.75 from $2 per share, primarily due to heightened financial distress risk, which we have reflected in a slightly increased cost of capital. We have also slightly lowered our near-term profitability assumptions to reflect possible operational disruptions (loss of customers, for example) due to financial distress risk. Our no-moat rating remains unchanged.Although we think the risk of bankruptcy remains remote, shareholders could lose ...
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