UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Chicago Bridge & Iron Company

In a report published Friday, Citigroup reiterated its Buy rating on Chicago Bridge & Iron Company

, and raised its price target from $51.00 to $57.00. Citigroup noted, “We rate CBI shares Buy/High Risk. We believe shares of CB&I represent an attractive investment for several reasons: 1) CB&I has the ability to benefit from projects across the hydrocarbon value chain, 2) shares trade at an attractive valuation compared to the peer group, 3) continued strong operational performance should lead to a narrowing of the self described “credibility gap” over time, 4) the company has a relatively robust potential project list, primarily in petrochemicals and LNG, and could net strong new orders in a competitive environment, and 5) CB&I has a strong ongoing flow of small and medium sized awards which generate roughly $500 million of work per quarter. Downside risks to our thesis include sudden declines in forward oil & gas prices and execution risk surrounding high-profile projects. Upside risks to our thesis could stem from material new awards, a continued rally in energy prices, and M&A activity that could result in an accretive EPS outlook.” Chicago Bridge & Iron Company closed on Thursday at $45.49.