DA Davidson Raises Price Target on Chicago Bridge & Iron (CBI), Believes Shares are Fairly Valued

DA Davidson is maintaining its Neutral rating on shares of Chicago Bridge & Iron (NYSE: CBI), but is lifting its price target from $46 to $50 following strong market trends.

The company reported earnings of $0.70 per share for the fourth quarter, topping the firm's estimate by $0.02. Sales for the quarter rose 32 percent and helped offset lower margins.

Although the company's market environment is improving, the firm highlights, "At current price multiples, the shares appear to be trading at a slight premium to peers, which is warranted by a very impressive growth record and near-term prospects, but seems to provide for modest near-term potential."

For FY12 and FY13, DA Davidson increased its EPS estimates from $2.90 and $3.35 to $2.95 and $3.40. The firm also raised its revenue estimates to $5.465 billion and $6.1 billion.

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.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
• Indigo Paints (INDIGOPN:IN) PT Raised to INR1,300 at ICICI Securities
• Fiserv (FISV) PT Lowered to $60 at Freedom Broker