Weatherford price target lowered to $77 from $85 at Barclays

Barclays lowered the firm’s price target on Weatherford (WFRD) to $77 from $85 and keeps an Overweight rating on the shares. The company “provided the most sober outlook,” expecting a broad-based second half of the year decline in activity, already implementing headcount and cost cutting to keep margins above 20%, the analyst tells investors in a research note. However, the firm views Weatherford risk/reward as “highly attractive” at current share levels.