UPDATE: Wedbush Downgrades Aegion Corp. to Underperform, Reiterates $16 PT on At-Risk Estimates

In a report published Monday, Wedbush analyst David L. Rose downgraded the rating on Aegion Corp. AEGN from Neutral to Underperform, but reiterated the $16.00 price target. In the report, Rose noted, “Guidance and consensus estimates appear to be at risk as Q1 is well below expectations. Given continued earnings disappointments (as evidenced again by March 27th's pre-announcement for 1Q13 and most recently, below-estimate results for 4Q12), we believe guidance and consensus estimates appear unrealistic. With 2012 base earnings of $1.20, we believe the company will be challenged to meet the low end of its guidance of $1.60 for 2013, particularly with the first quarter already $0.12 per share below last year's results.” Aegion Corp. closed on Thursday at $23.15.
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