UPDATE: Stifel Raises PT on Chicago Bridge & Iron Company on Valuation

In a report published Wednesday, Stifel analyst Robert Connors reiterated a Buy rating on Chicago Bridge & Iron Company CBI, and raised the price target from $69.00 to $90.00. In the report, Stifel noted, “We are increasing our target price for CBI stock from $69 to $90/sh. We value CBI stock based on EV/Backlog as well as P/E, P/B, EV/Rev., EV/EBITDA and P/Rev in comparison to prior cycles. Our $90 target price is the average of the six approaches and represents 32% upside.” Chicago Bridge & Iron Company closed on Tuesday at $68.01.