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Fly News Breaks for May 18, 2017
CBI
May 18, 2017 | 09:21 EDT
BofA/Merrill analyst Anna Kaminskaya sees additional risk to CB&I from additional project charges, reduced free cash flow, and project award delays at a time with leverage is elevated. The analyst views management's 100% free cash flow conversion as "ambitious" and said the company may face a drag in working capital with revenues declining in the E&C business. As a result, Kaminskaya cut her price target n CB&I to $20 from $31 and maintains an Underperform rating on shares.
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