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- BTIG analyst Gregory Lewis raised Chart Industries, Inc's (NYSE:GTLS) price target to $240 (implying an Upside of 19.3%) from $165 and maintained a Buy rating on the shares.
- Lewis says the company is "threading the needle" and "expanding into the right places at the right time" by balancing its core industrial gas business and energy transition exposure with bolt-ons and partnerships across hydrogen, carbon capture, water treatment, and specialty gases.
- Lewis adds that his increasingly bullish stance is driven by Chart Industries' high growth / high margin Specialty Products segment, which has increased from 20% of gross profits to 40% today.
- Earlier, Wells Fargo analyst Roger Read initiated Chart Industries coverage with an Overweight rating and a price target of $230, implying an Upside of 14.3%.
- Read calls Chart Industries "an Energy Transition story stock."
- He believes the company will be among the leaders in providing critical equipment and supplies for the rapidly expanding hydrogen market and projects curtailing and eliminating CO2 from traditional sources.
- While he recognizes both the short- and medium-term valuations "appear stretched by conventional metrics," he thinks elevated multiples are appropriate given that its "key markets are on track to more than quintuple by the end of the decade."
- Price Action: GTLS shares traded lower by 1.16% at $200.52 on the last check Friday.
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