Goldman Sachs Raises CBI PT To $34

In a report released this morning, Goldman Sachs said that it attended Chicago Bridge & Iron Company's

investor day in NYC and left more bullish on its future. The investor day showcased CBI's talented management team, unique service offering levered to the energy investment cycle and improved risk management. “CBI also issued 2011 EPS guidance of $2.15-$2.40, 2011 award outlook of $4.5-$5.0bn (+10%-15% yoy) and reinstated its dividend,” Goldman Sachs writes. “We raised our 12-mo price target to $34 from $30 to reflect higher EPS and a 14.0X (vs. 12.5X) multiple, a 10% discount vs. peers.” Chicago Bridge & Iron Company currently trades at $28.92.