UPDATE: Jefferies Lowers PT on Northwest Pipe Company Following Investor Meetings

In a report published Friday, Jefferies analyst R. Scott Graham reiterated a Hold rating on

, but lowered the price target from $30.00 to $29.00. In the report, Jefferies noted, “We sponsored investor meetings with CEO Scott Montross and CFO Robin Gantt. Earnings in Water Transmission look more difficult than we thought. But we were impressed by productivity initiatives underway and believe the water markets in Texas may open up in 12-18 months.” Northwest Pipe Company closed on Thursday at $27.72.