UPDATE: D.A. Davidson & Co. Reiterates Buy Rating, Lowers PT on Great Lakes Dredge & Dock Corporation as Second Quarter Operating Earnings Improve

In a report published Wednesday, D.A. Davidson & Co. analyst John B. Rogers reiterated a Buy rating on

, but lowered the price target from $10.50 to $10.00. In the report, D.A. Davidson & Co. noted, “Improved Q2 EPS of $0.06 per share was below our estimate for a $0.12 profit, although up substantially from last year on an operating basis. For 2013, the company reported a loss of $0.42 per share, including $0.22 of unusual net costs, goodwill impairment partially offset by settlement gains. A model is attached. Please note we have not restated prior year results. Higher dredging utilization lifts margins. Overall revenues increased 21% from originally reported results last year, with most of the gain in dredging. Reported margins declined due to the benefits from asset sales last year, but improved excluding unusual recoveries last year.” Great Lakes Dredge & Dock Corporation closed on Tuesday at $7.02.