Completion Of One Of The Most Complex LNG Projects Has Strengthened CBI’s Position In The Space
Analyst Brian Uhlmer of Pritchard Equity Research maintains his “buy” rating on Chicago Bridge & Iron Company (NYSE: CBI). The target price for CBI is set to $30.
Chicago Bridge & Iron has reported fully diluted Q2 EPS ahead of the estimate and the consensus. “Management raised and narrowed its 2010 EPS guidance to $1.75 to $1.90 from $1.60 to $1.85, the new midpoint is inline with current consensus…CBI has completed one of the most complex worldwide LNG projects that is both successful for the client and profitable for the company. This has anchored it as a solid competitor in the space and will drive both top and bottom line growth along with its other segments,” the analyst says.
“CBI’s success on Peru LNG helped the company land the conceptual design for Yamal LNG and now they are in the catbird seat to win the next phase of the project. We also anticipate the company’s relationship with Occidental Petroleum ($79.94-NR), which hinted at another Elk Hills gas plant on its recent conference call, should yield another award in H2,” Pritchard Equity Research adds.
