UPDATE: Goldman Sachs Upgrades Chart Industries (GTLS) to Buy

Goldman Sachs analyst Ati Modak upgraded Chart Industries (NYSE: GTLS) from Neutral to Buy with a price target of $259.00 (from $200.00).

The analyst comments "We are upgrading Chart Industries (GTLS) to a Buy rating (from Neutral) with a $259 target price and 26% return from current prices and downgrading Quanta Services (PWR) to a Neutral rating while maintaining our target price of $150 representing 6% upside. Since we added PWR to the Americas Buy list on September 17, 2021, it has returned 20% vs S&P 500 at -11% and the peer group of Specialty Contractors at -2%. Over the same period, GTLS has returned 6%. Over the next 12-month period however, we believe that GTLS could benefit from strong consensus estimate revisions from momentum in LNG liquefaction project FIDs in 2023/24 and an improving cost of capital for its Specialty Products business as the Inflation Reduction Act derisks longer dated energy transition related revenue. On PWR, while we continue to expect that the company should benefit from growth in the electric transmission and distribution markets, at current multiple of 12.4x Q5-Q8 EV/EBITDA, the stock trades at a significant multiple premium over the peer group which we believe better reflects the quality of the business and the growth embedded in it."

For an analyst ratings summary and ratings history on Chart Industries click here. For more ratings news on Chart Industries click here.

Shares of Chart Industries closed at $206.36 yesterday.

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