UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Northwest Pipe Company

In a report published Monday, Jefferies & Company reiterated its Hold rating on Northwest Pipe Company

, but lowered its price target from $27.00 to $23.00. Jefferies noted, “3Q12 adjusted EPS declined 52% YoY and were below expectations. Weakness in the muni water and OCTG markets produced sales and margin declines. Pricing weakened. NWPX will benefit from shipments under the Lake Texoma water project for the next several quarters but this was in our forecast, so we are lowering our estimates.” Northwest Pipe Company closed on Friday at $21.67.