UPDATE: Morgan Keegan Lowers PT on Alliance HealthCare Services to $1.60

Morgan Keegan is out with its report today on Alliance HealthCare Services (NYSE: AIQ), lowering its PT to $1.60 from $4.75.

In its report, Morgan Keegan writes, "We are lowering our price target to $1.60 based on a 4.5x forward EV/EBITDA, which we believe reflects our expectation of a continued difficult operating environment."

At the time of posting, shares of AIQ were trading at $1.21, down 2.42% from Tuesday's close.