UPDATE: JP Morgan Raises PT on Chicago Bridge & Iron Co from $50 to $52.50

J.P. Morgan has published a report on Chicago Bridge & Iron Co. NV CBI raising the price target from $50.00 to $52.50. In the report, J.P. Morgan wrote, "We affirm our Overweight rating on CBI, which remains on the JPMorgan US Analyst Focus List. Last night's results affirmed our positive thesis on CBI, which is predicated on its strong competitive positioning in growing end markets and improved execution track record. Guidance boosted, raising estimates. We're raising our 2011-12E EPS to reflect a recent surge in gas-related bookings (nearly $3bn in the last two weeks), as CBI raised 2011 EPS guidance 5.5% at the midpoint (to $2.40, from $2.275 previously). Recent awards have been geographically broadbased (including wins in North America, Asia-Pacific, the Middle East and Europe), highlighting the company's broad regional footprint and expertise in tank fabrication and energy process work." J.P. Morgan rated Chicago Bridge & Iron Co an Overweight with a price target of $52.50. Chicago Bridge & Iron Co closed Thursday at $42.34.