UPDATE: Jefferies Lowers PT on Heckmann Corporation from $5.25 to $4.50
Jefferies reiterated a Buy rating on Heckmann Corporation (NYSE: HEK) and lowered its price target from $5.25 to $4.50.
Jefferies noted, “2Q12 EBITDA was 20% below our forecast, 15% below the Street. Spending by customers weakened and several jobs were pushed out. Management said July was its strongest month ever, but we have nevertheless lowered our forecasts. We continue to rate HEK BUY and expect 2H12 results to improve.”
Heckmann Corporation closed at $3.38 on Monday.
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