UPDATE: Wedbush Downgrades Insituform Technologies to Neutral

Wedbush is out with its report today on Insituform Technologies INSU, downgrading INSU from Outperform to Neutral. In its report, Wedbush writes, "Management's dramatic reduction in earnings guidance suggests execution, project timing, and forecasting challenges are more complex than we anticipated. Given the company's persistent challenges, coupled with poor earnings visibility, we are reducing our rating to NEUTRAL from OUTPERFORM." Wedbush lowers it PT from $20 to $13. At the time of posting, shares of INSU were trading pre-market at $12.60 down 5.69% from Thursday's close.