Imperial Capital maintained an Outperform rating on Great Lakes Dredge & Dock (NASDAQ: GLDD), and cut the price target to $6.50 (from $8.50) following the company's 3Q earnings report. GLDD reported adjusted EBITDA of $23.1mn vs. the Street's $20.9mn.

Analyst Scott Levine commented, "On 10/16/15, GLDD withdrew its FY15 adjusted EBITDA guidance (formerly $97-107mn), citing recent issues in its Environmental & Remediation (E&R) business, which are hampering earnings visibility. On its 3Q15 conference call on 11/3/15, GLDD emphasized the continued strength in its dredging operations, particularly in the U.S., citing a healthy bid market and expectations of high utilization in FY16 (the International outlook is a bit cloudier). We are lowering our FY15-16 EBITDA estimates (see Figure 1), in order to reflect slightly more conservative assumptions in E&R, which continues to experience losses, though we believe the recent delays on two large projects should benefit FY16, and claim recovery and change orders could offer upside. We are also introducing our FY17 EBITDA estimate of $115mn."

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Shares of Great Lakes Dredge & Dock closed at $4.05 yesterday.