Boenning & Scattergood Downgrades Layne Christensen (LAYN) to Neutral

December 7, 2012 1:25 PM EST
Get Alerts LAYN Hot Sheet
Price: $10.45 -1.23%

Rating Summary:
    3 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Boenning & Scattergood downgraded Layne Christensen (NASDAQ: LAYN) from Outperform to Neutral.

The firm comments, "We are strong believers that Layne is continuing to make the appropriate moves to transform the company’s culture and business into a solutions based organization - where its multiple divisions share expertise and industry knowledge to create solutions and drive sales. However, we anticipate a difficult fiscal 1H F2014 from a business and operational standpoint. We anticipated Min-Ex being down 20% in F2014; we now expect it to be down 40%."

For an analyst ratings summary and ratings history on Layne Christensen click here. For more ratings news on Layne Christensen click here.

Shares of Layne Christensen closed at $22.68 yesterday.

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