Northwest Pipe Company (NWPX) Target, Estimates Lifted at Jefferies

Jefferies analyst R. Scott Graham reiterated a Hold rating on Northwest Pipe Company (NASDAQ: NWPX) but bumped estimates and his price target from $35 to $38.

Graham comments, "NWPX announced the sale of its OCTG business to privately held SB International for proceeds of ~$43M. The sale completes a process, begun 2 quarters ago, of refocusing on the Water Transmission business. The divestiture is accretive to earnings. We have increased our estimates."

FY 2014 EPS goes from $1.41 to $1.70 and FY 2015 EPS goes from $2.23 to $2.66.

For an analyst ratings summary and ratings history on Northwest Pipe Company click here. For more ratings news on Northwest Pipe Company click here.

Shares of Northwest Pipe Company closed at $37.19 yesterday.

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