Update: Jefferies Cutting Price Target On Weatherford International (WFT)

Jefferies & Co. is cutting its price target on shares of Weatherford International WFT to $26 from $28, but is maintaining the Buy rating it has on shares. In a note to investors, Jefferies writes, "When we upgraded the shares of WFT in January 2011, we identified it as a high risk/high reward play on the expected recovery in international activity. We believe the risk of execution has increased, but we continue to believe WFT will benefit from the acceleration in international activity we envision over the next several quarters. We are maintaining our Buy rating but reducing our price target to $26 from $28." Shares of WFT are down 19 cents to $20.47, a loss of 0.9% this morning.