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Fly News Breaks for August 11, 2017
CBI
Aug 11, 2017 | 07:40 EDT
Credit Suisse analyst Jamie Cook said that while CB&I's charges associated with Cameron and Freeport LNG and two gas fired power projects were expected, the $548M magnitude was bigger than expected. Also, unfortunately, since the two LNG projects are not expected to be complete until FY19, the market will "rightfully" remain concerned about potential additional charges, Cook tells investors. Cook lowered his FY17-19 estimates for CB&I and cut his price target on the stock to $13 from $21 while keeping a Neutral rating on the name.
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