UPDATE: Goldman Sachs Lowers PT on Chicago Bridge & Iron from $48 to $45

Goldman Sachs maintained a Buy rating on Chicago Bridge & Iron CBI and lowered its price target from $48 to $45. Goldman Sachs wrote, “What's changed CBI announced that it has entered into a definitive agreement to acquire SHAW for $46 per share ($41 in cash, $5 in equity). CBI has valued the deal at $2bn, which implies $1bn in net cash will be assumed from SHAW and a deal multiple of 7.0X EBITDA, according to management. CBI said it expects to finance the deal with $1.9bn in debt, excess cash, and equity (8%-9% of float). CBI expects the deal to close in 1Q13, but it is subject to majority approval by CBI's shareholders.” Chicago Bridge & Iron closed at $34.94 on Monday.