BTIG Downgrades Exterran Holdings (EXH) to Neutral

BTIG downgraded Exterran Holdings (NYSE: EXH) from Buy to Neutral. Earlier Exterran announced a private offering of senior notes by its subsidiaries has been withdrawn due to adverse market conditions. Consequently, the planned spin-off of its international services and global fabrication businesses into a stand-alone, publicly traded company named Exterran Corporation will be delayed.

Commenting analyst William Frohnhoefer said, "We are downgrading Exterran Inc. to NEUTRAL due to the company’s failure to spin out its fabrication and international contract operations. That failure of execution, ascribed to market conditions, makes it much less likely that EXH will complete the spin in 2015, and possibly beyond. The spin was important to our previous BUY recommendation, as a means for EXH to unlock trapped value."

For an analyst ratings summary and ratings history on Exterran Holdings click here. For more ratings news on Exterran Holdings click here.

Shares of Exterran Holdings closed at $27.71 yesterday.

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