UBS Maintains a 'Sell' on Layne Christensen (LAYN); Q2 Beats, but Concern About Water; FCPA Investigation Continues

UBS maintains a 'Sell' on Layne Christensen (NASDAQ: LAYN) price target lowered by $1 to $26.

UBS analyst says, "Minex strength continues with better than expected results in LATAM affiliates (copper/gold in Peru and Chile) as well as solid results in the core Minex business (better than expected income driven by revenues). However, Water margins were lower than expected due to pressure in municipal markets as well as project cost overruns (weather and other project delays). Mgmt expects the margin pressure in the municipal sector to remain “for some time.” Afghanistan work added $2.7m to FQ2 Water income, but we expect that contribution to decline sharply in FQ3."

For more ratings news on Layne Christensen click here and for the rating history of Layne Christensen click here.

Shares of Layne Christensen closed at $26.24 yesterday.

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