UPDATE: Imperial Capital Reiterates In-Line Rating, Lowers PT on Nuverra Environmental Solutions for Impending E&P Slowdown

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In a report published Friday, Imperial Capital analyst Scott Levine reiterated an In-Line rating on

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Nuverra Environmental Solutions

(NYSE: NES), but lowered the price target from $10.00 to $2.50.In the report, Imperial Capital noted, “We are maintaining our In-Line rating on NES, and lowering our one-year price target to $2.50 from $10. Our price target is 21% above the recent share price. As a leading provider of environmental solutions to the oil & gas industry, we believe NES is well positioned to benefit from increased E&P spending on environmental services within a number of U.S. shale basins. That said, the company's vulnerability to challenging external factors poses earnings risk, in our view, and valuation appears reasonable, given current debt levels.”Nuverra Environmental Solutions closed on Thursday at $2.08.