UPDATE: Piper Jaffray Lowers Price Target on Sun Hydraulics to $29

According to Piper Jaffray, Sun Hydraulics

price target is lowered to $29. Piper Jaffray said that Sun's 3Q revenue was in line with expectations at $53m and EPS of $0.44 ($0.22 in 3Q10) beat the estimate by $0.05, but cautionary guidance heading into 4Q sent shares falling on Tuesday. “We are lowering our FY12 estimate to reflect the difficult macro environment, but maintain our Overweight rating based on Sun's depth and breadth of products coupled with a global distribution platform.” Sun Hydraulics closed yesterday at $26.03.