UPDATE: Jefferies Lowers Price Target On Northwest Pipe Company On Process Capex Update

In a report published Monday, Jefferies analyst R. Scott Graham reiterated a Hold rating on

, but lowered the price target from $31.00 to $27.00. In the report, Jefferies noted, “Oil & Gas is the largest market served by our manufacturing companies. We track >$600B of capital spending of global O&G companies in our quarterly Process Capex report. Based on company capex budgets and inputs from Jefferies Energy Teams, we estimated 2015 O&G capex would be -8% in our Process Capex report (12/19/14). With additional budgets announced since then, we now expect spending to be -12%. We are lowering estimates on ATU, FLS, NES, NWPX and THR.” Northwest Pipe Company closed on Friday at $26.56.