UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Layne Christensen Company as Business Outlook Improves

In a report published Wednesday, Jefferies analyst Luke Folta reiterated a Hold rating on

, but lowered the price target from $14.50 to $12.00. In the report, Jefferies noted, “Post another challenging qtr., we lowered est. ('16 EBITDA -24% to $60M) and our TP to $12 (-$2.50). Our revised est., while seemingly conservative based on mgmt. commentary, assumes substantial improvement into 'F16 from negative TTM EBITDA levels over the past 4 qtr.'s, which appears achievable in our view if LAYN is able to execute on announced cost cuts and eliminate project losses in HC.” Layne Christensen Company closed on Tuesday at $10.91.