UPDATE - UBS Upgraded Layne Christensen (LAYN) to 'Neutral' on Share Price Pullback
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Price: $15.41 --0%
Rating Summary:
3 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
Rating Summary:
3 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
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UPDATE - UBS upgraded Layne Christensen (NASDAQ: LAYN) from Sell to Neutral. PT lowered from $26 to $24.
UBS analyst says, "We still see pressure in Layne’s water segment, driven by weak housing markets, state and local budget pressures, and competition. As an example of such pressure, The Wall Street Journal recently reported that only two months into the fiscal year, (began July 1) Washington State reduced its revenue forecast by $1.4b and Delaware now expects a $110m deficit, vs. a previously expected $365m surplus. In Energy, weak natural gas prices will continue to pres sure earnings. We expect mining to remain solid, but the recent drop in copper prices raises risks."
"We reduce our FY12 and FY13 estimates, to reflect some further pressure in the water and energy businesses. We upgrade the stock to Neutral from Sell, given the ~40% pullback in the stock from its April high. We also note recent insider buying." (FY12 EPS estimate from $2.05 to $2.00 and FY13 lowered from $1.95 to $1.85.)
To see more ratings changes on LAYN, Click Here
UBS analyst says, "We still see pressure in Layne’s water segment, driven by weak housing markets, state and local budget pressures, and competition. As an example of such pressure, The Wall Street Journal recently reported that only two months into the fiscal year, (began July 1) Washington State reduced its revenue forecast by $1.4b and Delaware now expects a $110m deficit, vs. a previously expected $365m surplus. In Energy, weak natural gas prices will continue to pres sure earnings. We expect mining to remain solid, but the recent drop in copper prices raises risks."
"We reduce our FY12 and FY13 estimates, to reflect some further pressure in the water and energy businesses. We upgrade the stock to Neutral from Sell, given the ~40% pullback in the stock from its April high. We also note recent insider buying." (FY12 EPS estimate from $2.05 to $2.00 and FY13 lowered from $1.95 to $1.85.)
To see more ratings changes on LAYN, Click Here
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