UPDATE: DA Davidson Cuts Target to $48 on Chicago Bridge & Iron: Misses Q1 EPS
DA Davidson lowers its target from $50 to $48 on Neutral-rated Chicago Bridge & Iron (NYSE: CBI) as the company misses EPS expectations in a nonetheless improved first quarter.
DA Davidson notes, "Reported EPS of $0.60 increased from $0.50 last year but fell short of our $0.65 per share estimate. …We continue to rate the shares of CB&I NEUTRAL as the current growth prospects and relative risks appear to be discounted in the share value. We are slightly reducing our target to $48 from $50, or 14x our 2013 earnings projections based on the slightly lower Q1 earnings, which may disappoint some investors following several quarters of upside surprises."
BCI closed at $43.64 on Monday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: DA Davidson