Wedbush Downgrades Insituform Technologies (INSU) to Neutral; Greater-than-Expected Challenges Drive Guidance Lower

Wedbush downgraded Insituform Technologies (NASDAQ: INSU) from Outperform to Neutral with a price target lowered from $20 to $13.

Wedbush analyst says, "Reducing rating on heels of dramatically lower visibility of business - Management’s dramatic reduction in earnings guidance suggests execution, project timing, and forecasting challenges are more complex than we anticipated. Given the company’s persistent challenges, coupled with poor earnings visibility, we are reducing our rating...We are reducing our 2011 EPS estimates to $0.88 from $1.28, $0.02 below the low end of guidance. For 2012, we are lowering our estimate to $1.49 from $1.91."

For more ratings news on Insituform Technologies click here and for the rating history of Insituform Technologies click here.

Shares of Insituform Technologies closed at $13.36 yesterday.

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