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<<---- MARKET TALK: Chicago Bridge's View Might Be Bridge Too Far

04/16 10:29 AM

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10:29 EDT - Saying LNG isn't looking much like a boon for Chicago Bridge & Iron (CBI:$52.33,00$-0.22,00-0.42%) , Macquarie downgrades the engineering-and-construction firm to underweight and reduces estimates amid anticipated backlog declines. Noting contract losses and delays to potential projects, the investment bank says CBI's forecast of gaining $7-10B of liquefied-natural-gas work "is increasingly too optimistic." Meanwhile, "given that we think backlog growth is the principal driver of valuation in the space, we think weak new awards, combined with a pickup in revenue burn from nuclear, will provide challenging headwinds." Macquarie cuts its price target to $44 from $57; CBI is down slightly amid the broad market's climb at $52.51. It's off 15% this month after hitting a 5-year high in late March.








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(END) Dow Jones Newswires
04-16-131029ET
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