UPDATE: Morgan Stanley Downgrades Dresser-Rand Group to Equal-Weight, Lowers PT as Profits Slide

In a report published Wednesday, Morgan Stanley analyst Ole Slorer downgraded the rating on Dresser-Rand Group DRC from Overweight to Equal-Weight, and lowered the price target from $68.00 to $57.00. In the report, Morgan Stanley noted, “Reduced spending on government sponsored ‘green' projects to impact environmental business. While DRC has limited exposure to other subsidized projects, oil price pressure could hamper growth for other environmentally friendly exposure. Environmental segment represented over 25% of last 12 months orders vs. less than 20% a year ago; and was previously expected to be a key growth driver.” Dresser-Rand Group closed on Tuesday at $54.10.