UPDATE: D.A. Davidson Reiterates Neutral Rating, Lowers PT on Powell Industries as Shares Remain Under Pressure

In a report published Thursday, D.A. Davidson analyst Brent Thielman reiterated a Neutral rating on

, but lowered the price target from $48.00 to $45.00. In the report, D.A. Davidson noted, “Since Powell updated its outlook on September 25th, the stock has declined ~18%. Challenges implementing a new operating system and ongoing inefficiencies in its newer Canadian facility were factors weighing on the company, which are anticipated to impact profitability in coming quarters. In addition, declining oil prices (along with broader equity market pressure) are likely influencing these shares. Powell is expected to report earnings in December.” Powell Industries closed on Wednesday at $41.31.