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CBI

CB&I

$16.33

-0.08 (-0.49%)

06:44
08/10/17
08/10
06:44
08/10/17
06:44

Citi cuts CB&I target, doesn't see 'big liquidity risk'

Citi analyst Andrew Kaplowitz says the seemingly forced sale of CB&I's Technology business is more concerning than he expected. Cost overruns on two gas plants and two U.S. Gulf coast LNG projects that resulted in $548M charges in the quarter seemed to force the company's hand, Kaplowitz tells investors in a research note. The good news, the analyst writes, it that he doesn't see "big liquidity risk" for CB&I because Technology is a "significantly valuable asset that should have lots of interested buyers." The analyst is concerned, however, that the charges in Q2 are "more the start and not the end" of CB&I's challenges. Kaplowitz lowered his price target for the shares to $18 from $20 and keeps a Neutral rating on the name.

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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GDI

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$21.97

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$18.14

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MSI

Motorola Solutions

$87.37

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Crown Castle

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SBAC

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American Tower

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COMM

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LMT

Lockheed Martin

$299.20

-2.22 (-0.74%)

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  • 23

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SBUX

Starbucks

$52.70

-0.34 (-0.64%)

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MRK

Merck

$61.49

-0.35 (-0.57%)

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CTL

CenturyLink

$19.16

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Kansas City Southern

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WIN

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CVM

CEL-SCI

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TRN

Trinity Industries

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LPTN

Lpath

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PGR

Progressive

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0.12 (0.25%)

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TMO

Thermo Fisher

$172.57

-0.32 (-0.19%)

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SMBC

Southern Missouri Bancorp

$31.18

-0.05 (-0.16%)

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IEP

Icahn Enterprises

$50.00

-0.2 (-0.40%)

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IEP

Icahn Enterprises

$50.00

-0.2 (-0.40%)

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IEP

Icahn Enterprises

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IEP

Icahn Enterprises

$50.00

-0.2 (-0.40%)

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NVTA

Invitae

$9.60

0.05 (0.52%)

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