May 8, 2017 / 8:17 PM / 5 months ago

Greenlight's Einhorn calls Core Labs shares 'way overvalued'

David Einhorn, president of Greenlight Capital speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. REUTERS/Brendan McDermid/File photo

NEW YORK (Reuters) - Billionaire investor David Einhorn on Monday called energy services provider Core Laboratories substantially overvalued and said its share price could drop to $62.

Speaking at the annual Sohn Investment Conference in New York, Einhorn stopped short of saying exactly how he was positioned but he has often presented so-called short ideas, including a bet against fracking companies in 2015. Core Lab shares began dropping as Einhorn kept talking, saying the company’s business is not a secular growth story but a cyclical business and that oil prices are unlikely to rally sharply. The stock ended the day down 2.36 percent at $110.75.

Reporting by Svea Herbst-Bayliss; Editing by Meredith Mazzilli

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