D.A. Davidson Reiterates Neutral Rating, Lowers Price Target On Powell Industries On Soft Q1/Outlook

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

, but lowered the price target from $42.00 to $40.00. In the report, D.A. Davidson noted, "Powell reported Q1 earnings from continuing operations of $(0.02) per share compared to $0.60 last year. Earnings were below our estimate of $0.32 and consensus of $0.29. Costs incurred to maintain customer project schedule commitments, both in Canada and its Houston operations, dampened earnings. Issues related to ramping it's Canadian facility and software implementation in Houston had also been issues in prior quarters." Powell Industries closed on Wednesday at $36.70.