May 8, 2017 / 8:17 PM / 6 months ago

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

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.

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

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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