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Fly News Breaks for May 18, 2017
CBI
May 18, 2017 | 08:48 EDT
After CB&I's stock dropped sharply in the wake of its Q1 results, MKM analyst Daniel Scott blames the decline on several factors, including amendments to its senior facilities, the possibility that it will violate covenants within the next few quarters, and charges on three projects. However, the analyst says that the stock's valuation is "too compelling to ignore," and he says that it obtained many new deals, setting the stage for "stable earnings" going forward. The analyst cut his price target on the shares to $34 from $41 but keeps a Buy rating and recommends buying the shares on weakness.
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