Liberum Capital has downgraded its recommendation on Lamprell (LON:LAM) to 'hold' following the share price bounce since the group reported its interim results, which it says leaves insufficient upside to justify its old 'buy' rating.
The broker added: "The interims were in line with expectations but the problems were highlighted by the fall in backlog and lower bidding pipeline. Guidance for this year and 2017 was reduced and we have brought our forecasts back to be consistent."
Analysts have therefore cut their target price to 81 pence a share (from 118 pence).
At 2:07pm: (LON:LAM) Lamprell PLC share price was +3.25p at 67.25p