UPDATE: Wedbush Reiterates Outperform Rating, Lowers PT on Tetra Tech on Reduced Outlook

In a report published Tuesday, Wedbush analyst David L. Rose reiterated an Outperform rating on Tetra Tech

, but lowered the price target from $33.00 to $31.00. In the report, Rose noted, “Tetra Tech announces reduced outlook for second half of FY13. Owing to significant softness in Eastern Canada and, to a lesser extent, mining, TTEK indicated operating income for the second half of FY13 would be affected by $20-$30 million (~$0.20-$0.30 per share, after-tax). Meanwhile the company reaffirmed its previous guidance for 2Q13 ($0.38-$0.42). Bulk of earnings shortfall appears to be isolated and actions are being taken. While there were signs of weakness in mining, the outlook for TTEK's Canadian operations were generally encouraging as of the last quarter, particularly given the recent acquisition of Parkland Pipeline. The dramatic change in outlook appears to be isolated to the company's Eastern Canadian water and sewer business stemming from Quebec's corruption scandal. Conversations with management suggest the business will be right-sized in short order; and costs of such actions are included in the aforementioned guidance.” Tetra Tech closed on Monday at $28.36.