UPDATE: Jefferies Lowers PT on Edgen Group Following Conference Call

In a report published Monday, Jefferies analyst R. Scott Graham reiterated a Hold rating on Edgen Group EDG, but lowered the price target from $9.00 to $8.00.

In the report, Jefferies noted, “Further to our Initial Take note, conference call comments told us orders (incl jack-ups) are improving, but at a slower pace than had been expected and pricing is weaker. Pricing and the timing of shipments still concern us for 2H and we have trimmed our forecasts.”

Edgen Group closed on Friday at $7.02.