UBS Maintains a 'Buy' on Chicago Bridge & Iron (CBI); Solid Q4; Focus on LNG and Chemicals

February 24, 2012 2:34 PM EST
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Price: $31.94 -0.93%

Rating Summary:
    13 Buy, 9 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 22 | Down: 34 | New: 34
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UBS maintains a 'Buy' on Chicago Bridge & Iron (NYSE: CBI) price target raised from $49 to $52.

UBS analyst says, "Q4 EPS of $0.70 beat consensus of $0.68, helped by better than expected revs and margins in Project E&C, better Lummus Tech income (increased catalyst sales), lower SG&A, and a lower tax rate, partly offset by lighter than expected revs and margins in Steel Plate. Revs of $1.26b were roughly in line w/the Street of $1.25b."

"With no materially contradictory or negative news coming out in the quarter, our positive view on the stock is unchanged. The key question in our mind, is whether management will end up conservative in its estimates for 2012, leading to beats and raises throughout the year. We think strength in chemicals and execution could potentially drive guidance to the higher end."

For an analyst ratings summary and ratings history on Chicago Bridge & Iron click here. For more ratings news on Chicago Bridge & Iron click here.

Shares of Chicago Bridge & Iron closed at $46.25 yesterday.

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