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CBI

CB&I

$16.33

-0.08 (-0.49%)

16:28
08/09/17
08/09
16:28
08/09/17
16:28

CB&I announces plans to sell Technology business

CB&I announced its intent to sell the company's Technology business. CB&I is targeting to close the transaction by the end of the 2017 calendar year. "Supported by more than 100 years of technology development, our Technology business is unique. With 3,000 patents and patent application trademarks and more than 100 licensed technologies, we are one of the largest providers of licensed process technologies in the world," said Patrick Mullen, CB&I's President and CEO. "This is a business that consistently generates very attractive margins with minimal capital requirements. Our intent is to negotiate a long-term strategic alliance with the ultimate buyer, which we believe could benefit both CB&I and the buyer. The Technology business and its employees have been an important part of CB&I and will remain so through the close of the transaction. However, we believe the business is undervalued as part of CB&I, leading us to the conclusion that the divestment of the business will generate maximum stakeholder value," continued Mr. Mullen. "We plan to use the proceeds from the sale to significantly enhance CB&I's financial strength and flexibility by eliminating the majority of our debt and reinvesting in our Engineering & Construction and Fabrication Services businesses."

CBI CB&I
$16.33

-0.08 (-0.49%)

08/07/17
BOFA
08/07/17
NO CHANGE
Target $14
BOFA
Underperform
CB&I price target lowered to $14 from $17 at BofA/Merrill
BofA/Merrill analyst Anna Kaminskaya cut CB&I's (CBI) price target to $14 from $17 saying he sees additional risk from Cameron LNG project charges in Q2. Last week, Sempra (SRE) announced a delay in the Cameron LNG project where CBI is one of the lead contractors. The analyst now assumes a $150M charge on the project and reduced her Q2 earnings estimate to a loss of 18c. Kaminskaya rates CB&I shares an Underperform.
07/24/17
FBCO
07/24/17
DOWNGRADE
Target $21
FBCO
Neutral
CB&I downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Jamie Cook downgraded CB&I to Neutral and maintained a $21 price target given the last two catalysts of the Westinghouse litigation and the closing of the Capital Services sale are behind it, and there are likely challenging quarters ahead. The analyst believes downside may be limited given share underperformance, but believes there is too much negative news flow ahead as fundamentals remain challenged and new awards are likely to disappoint.
07/03/17
BOFA
07/03/17
NO CHANGE
Target $17
BOFA
Underperform
BofA/Merrill says too early to own CB&I
BofA/Merrill analyst Anna Kaminskaya says that while last week's favorable ruling from the Delaware Supreme Court on the outstanding Westinghouse litigation removes the worst case for CB&I, it remains too early to own the shares. Potential cost overruns on the fixed-price projects create downside risks in the second half of 2017, Kaminskaya told investors Friday in a research note. She kept an Underperform rating on CB&I with a $17 price target.
07/03/17
FBCO
07/03/17
NO CHANGE
Target $21
FBCO
Outperform
CB&I Capital Services sale provides financial flexibility, says Credit Suisse
Credit Suisse analyst Jamie Cook notes that CB&I announced that it has completed the sale of its Capital Services business to private equity sponsor Veritas for $700M. The analyst views the news as a positive, as the slight haircut was largely expected and timely closing of the deal removes concern that the company would not be able to meet its financial covenants when the total leverage requirement steps down in Q3. Moreover, Cook believes the deal and debt paydown provides more financial flexibility given concerns around inter-period revolver draws/working capital builds in light of problem projects. He reiterates an Outperform rating and $21 price target on the shares.

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RIC

Richmont Mines

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MGLN

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  • 01

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M

Macy's

$21.07

0.44 (2.13%)

, WMT

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AFL

Aflac

$85.00

-0.05 (-0.06%)

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  • 01

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GBL

GAMCO Investors

, WTS

Watts Water

$72.65

0.15 (0.21%)

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GBL

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WTS

Watts Water

$72.65

0.15 (0.21%)

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  • 04

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CC

Chemours

$53.31

0.45 (0.85%)

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AIMT

Aimmune

$35.74

0.16 (0.45%)

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PN

Patriot National

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CMCM

Cheetah Mobile

$12.02

-0.4 (-3.22%)

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GM

General Motors

$44.47

0.1828 (0.41%)

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