UPDATE: Sterne Agee Reiterates Neutral Rating, Lowers PT on Dril-Quip on Earnings Miss, Lower Guidance

In a report published Tuesday, Sterne Agee analyst Stephen D. Gengaro reiterated a Neutral rating on

, but lowered the price target from $117.00 to $115.00. In the report, Sterne Agee noted, “DRQ posted 1Q EPS of $1.04, excluding a $0.02 foreign exchange loss, well below our $1.21 estimate and the $1.20 consensus. First quarter results missed expectations due to DRQ not recognizing about $10 million of revenue from Petrobras (PBR, $15.36, Not Rated), as well as lower-than-expected product shipments (timing).” Dril-Quip closed on Monday at $102.02.