UPDATE: Jefferies Raises PT to $23 on Northwest Pipe Company Post Q1 Report

Jefferies reiterates its Hold rating on Northwest Pipe Company

and raises its price target from $22 to $23. Jefferies comments, "1Q12 EPS increased 60% and exceeded our forecast. The beat was largely in operating income. Water Transmission results were weak, but better than expected, while Tubular Products results were very strong and also better than expected. But we believe NWPX is fairly valued and still rate the stock HOLD." NWPX closed at $21.99 on Tuesday.