UPDATE: D.A. Davidson Reiterates Buy Rating, Lowers PT on Northwest Pipe Company as Significant Impairment Charge Reduces Earnings

In a report published Thursday, D.A. Davidson analyst Brent Thielman reiterated a Buy rating on

, but lowered the price target from $40.00 to $32.00. In the report, D.A. Davidson noted, "Northwest Pipe reported a fourth quarter loss of $1.47 per share compared to $(1.80) last year. Earnings included a $16.1 million non-cash goodwill impairment charge related to the Tubular Products segment, or $1.68 per share. Excluding the charge, earnings of $0.21 were essentially in line with our estimate of $0.20; consensus was $0.23. Revenue of $102.2 million (-11% year-over-year or +19% excluding divested OCTG assets) compared to our estimate of $106.0 million." Northwest Pipe Company closed on Wednesday at $22.24.