Citigroup Maintains Buy On CBI

Citigroup has published a research report on Chicago Bridge & Iron Company CBI after attending the company's analyst day. In the report, Citigroup writes "In conjunction with CBI's “Analyst Day”, management updated ‘10 EPS guidance to $1.90–$2.05 from $1.75– $1.90. Based on our analysis, CBI's earnings potential in 2010 was $1.99 per share. Accordingly, despite the updated EPS guidance, our estimate remains unchanged. CBI also provided preliminary ‘11 guidance for new awards of $4.5-$5.0 billion, revenue of $4.3-$4.7 billion, and EPS of $2.15-$2.40." Citigroup maintains its Buy rating and $36 price target. Chicago Bridge & Iron Company closed yesterday at $28.92.