UPDATE: Piper Jaffray Downgrades Chart Industries Following Q3 Results

In a report published Friday, Piper Jaffray analyst Alexander E. Potter downgraded the rating on

from Overweight to Neutral, and lowered the price target from $130.00 to $105.00. In the report, Piper Jaffray noted, “We are downgrading to Neutral following the Q3 results. We still think buying GTLS is the best way to invest in the global transition toward natural gas - and positive news flow will probably continue over the next year (at least) - but there were some developments in Q3 that left us seeking a more attractive entry point. First, management's tone re: China seems to be shifting due to a lack of gas supply and corruption charges at PetroChina; this is a concern, given recent momentum in Chinese orders. Also, for the second time in 3 quarters, operational problems unexpectedly drove margins lower. And finally, there are risks associated with buying Chinese companies, and GTLS just announced its second purchase in four months. Our new price target is $105, down from $130.” Chart Industries closed on Thursday at $107.47.