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Fly News Breaks for June 28, 2017
CBI
Jun 28, 2017 | 06:28 EDT
Citi analyst Andrew Kaplowitz views yesterday's ruling by the Delaware Supreme Court overturning the prior decision of a lower court as a "significant stabilizing event" for CB&I shares. The potential liability for CB&I could be limited to a small fraction of the prior $2B Westinghouse was seeking, Kaplowitz tells investors in a research note. He believes the ruling could increase the possibility of a negotiated settlement. The analyst adds, however, that the uncertainty surrounding CB&I's large LNG projects could continue to prevent a more significant re-rating of the stock. He lowered his price target for the shares to $23 from $32 and keeps a Neutral rating on the name.
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