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

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

, but slightly lowered its price target from $23.00 to $22.00. Jefferies noted, “NWPX's core markets are Muni Water and OCTG. We are lowering our earnings forecasts due to expected, intermediate term weakness in NA E&P capital spending conditions and the related impact on OCTG.” Northwest Pipe Company closed on Tuesday at $25.20.