UPDATE: UBS Securities Upgrades Layne Christensen Company on Valuation
In a report published Wednesday, UBS Securities analyst Steven Fisher upgraded the rating on Layne Christensen Company (NASDAQ: LAYN) from Sell to Neutral, and reiterated the $16.00 price target.
In the report, UBS Securities noted, “We downgraded LAYN shares to Sell on 8/30/12 based on our view that weakening mining markets and weak municipal water markets would pressure earnings to the downside. LAYN shares are down 19.2% since 10/31/13, and are below our price target. While we continue to see risks in the mining industry, we believe that future downside to earnings is largely reflected in the stock. Furthermore, we believe improving housing markets may provide some support to the municipal water business.”
Layne Christensen Company closed on Tuesday at $16.17.
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