UPDATE: J.P. Morgan Raising Price Target On Chicago Bridge & Iron Co. NV

J.P. Morgan Chase & Co. is raising its price target on shares of Chicago Bridge & Iron Co. NV CBI to $50 from $45, and it has an Overweight rating on shares. In a note to investors, J.P. Morgan writes, "We view CBI as a prime beneficiary of an improving outlook for gas-driven EPC work (see our new Punch List monthly, published today, The Punch List: 2011 Gas Guide: Emerging Opportunities for E&C's for details), given its strength in LNG, diverse energy exposure and broad geographic reach. CBI's fabrication expertise positions it to capitalize on growing demand for storage and EPC work, and its technology portfolio should enable it to benefit from steady improvement in process markets domestically and abroad over the next few years, at attractive margins." Shares of CBI gained 57 cents yesterday to close at $38.06, a gain of 1.5%.