Craig-Hallum analyst Steve Dyer downgraded Hudson Technologies to Hold from Buy and lowered his price target on the shares to $1.50 from $3. Given a cool start to the summer selling season and his industry checks, the analyst is increasingly concerned that Hudson Technologies could trip its recently amended debt covenants as early as this quarter. His checks suggest that industry refrigerant volumes are down year over year, the price of R-22 continues to drift lower and there remains ample virgin R-22 stockpiles. Given the fundamental challenges combined with its highly burdensome debt, Dyer thinks the future is highly uncertain for equity holders.