UPDATE: D.A. Davidson & Co. Reiterates as Q3:CY13 Results Fall Short of Estimates

In a report published Tuesday, D.A. Davidson & Co. analyst Avinash Kant reiterated a Neutral rating on

, but lowered the price target from $43.00 to $38.00. In the report, D.A. Davidson & Co. noted, “PPO reported Q3:CY13 operating EPS of $0.18 on revenues of $152 million (down 10% from Q2:CY13 and 14% from Q3:CY12), below consensus and our estimates of $0.31 on $167 million and $0.26 on $170 million, respectively. While results appear to be well below estimates, we point out that, including $0.06 in discontinued operations from Microporous, earnings would have come out to be $0.24. Additionally there was a $0.04 benefit during the quarter due to the settlement of a tax credit.” Polypore International closed on Monday at $43.90.