Market Overview

UPDATE: UBS Securities Reiterates On Layne Christensen As Some Issues Persist

Share:

In a report published Thursday, UBS Securities analyst Steven Fisher reiterated a Neutral rating on Layne Christensen Company (NASDAQ: LAYN), but lowered the price target from $12.00 to $8.75.

In the report, UBS Securities noted, “LAYN is beginning to make material changes to both its business and management. A new CEO is expected to start in early January, after LAYN's chairman has served as interim CEO since June. On the call management indicated that a more significant divestiture than those previously announced could come in the next month or two. LAYN has been pushing for unit and asset sales over the past several quarters. There is still a lack of clarity in Mining, and water resources may be over earning as it experiences a temporary benefit from severe California drought. However, the Inliner business continues to perform well. Some cost savings could be achieved in the next 12 months, and we were pleased to hear that a potential problem project in San Francisco has been completed.”

Layne Christensen closed on Wednesday at $7.98.

Latest Ratings for LAYN

DateFirmActionFromTo
Mar 2016MaintainsNeutral
Aug 2015MaintainsNeutral
Jun 2015MaintainsNeutral

View More Analyst Ratings for LAYN
View the Latest Analyst Ratings

Posted-In: Steven Fisher UBS SecuritiesAnalyst Color Price Target Analyst Ratings

 

Related Articles (LAYN)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
WUBABOCOM InternationalDowngrades
DLTROTR GlobalUpgrades
ARCCCompass PointDowngrades
GTYHCitiInitiates Coverage On7.0
NKEGuggenheimMaintains100.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Stocks Hitting 52-Week Highs

UPDATE: UBS Downgrades Travelers Companies, Cites Valuation 'Looks Full'