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<<....Analyst Actions: Chicago Bridge & Iron Target Lifted $2, Keeps Neutral at Credit Suisse

05/07 02:30 PM

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02:30 PM EDT, 05/07/2013 (MidnightTrader) -- Credit Suisse says: "Ironing Out a Good Quarter; Raising Estimates and Target Price to $60 (from $58)."

Thgts Post Call: "CBI put up a nice first quarter reporting EPS of $0.82 (ex- charges related to the Shaw acquisition) well ahead of the street est of $0.74 per share. As expected, CBI reiterated its '13 EPS guidance of $4.00-$4.35. We were surprised CBI maintained its award forecast of $13B-$16B despite putting up only $1.95B in the first qrtr and after recent award losses of Yamal and Cove Point and Browse pushed to the right. We see this as a likely risk and assume CBI eventually cuts its award target. This is likely an overhang on the stock as well as the potential for funding cuts related to the MOX project although we see this as more of a 2014 event. On the positive, CBI maintains both the Vogtle and Summer nuclear projects are progressing as planned. Longer term, CBI remains every well positioned to benefit from petrochemical spend in North America, in particular with Lummus, as well as US LNG. We suspect CBI can use Shaw's LA connection to participate in some part of Shell and Sasol GTL project. We tweak our FY2013-2015 to $4.00, $5.05 and $5.75 (from $3.90, $4.75 and $5.50). Our price target of $60 (from $58) assumes 11.5x our 2015 EPS discounted back. We reiterate our Neutral rating at these levels."

Details on 2013 Guide: "CBI reiterated its '13 guidance provided in at the analyst day of $4.00-$4.35/share on revenues of $10.7-$11.2B. By segment, EC&M margins are forecast at 4%-7%, Fabrication margins of 8%-11%, Gov't Solutions margins of 3%-6% and technology income of $125M. With Shaw SG&A is forecast to come down to 3.8% of sales and after tax restructuring of $55-70M. The tax rate excluding restructuring is forecast at 32% and intangible asset amortization of $40-42M."

Price: 56.50, Change: +0.20, Percent Change: +0.4

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