Citi Likes Chicago Bridge & Iron (CBI)

Citi Investment Research is out with a research report on Chicago Bridge & Iron Co NV (NYSE: CBI), after it reported solid earnings after the bell yesterday. It has a Buy rating and a $36 price target on shares.

In a research report sent to investors, Citi writes, “We believe project execution concerns will fade as CBI is showing improvement. Indeed, our thesis remains unchanged and we recommend investors use undue weakness as a
buying opportunity. In particular, we believe CBI provides exposure to developing world energy infrastructure and is a derivative play on the strongest E&C end market, Oil & Gas. Additionally, we anticipate that the current relative discount to the group will dissipate over the next 12 months as project execution issues have faded allowing the “credibility gap” to narrow (i.e. leading to multiple expansion).”

Shares of CBI lost 1 cent yesterday to close at $25.13.

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