Citi Maintains Buy Rating on Chicago Bridge & Iron Co. (CBI)

In a recent report published by Citi, it said that it maintains a Buy rating for Chicago Bridge & Iron Co. N.V. CBI following lower than expected 1Q earnings. Citi explains, “CBI reported 1Q11 EPS of $0.50, which compares to consensus estimates of $0.54 and our estimate of $0.55 per share. Lower than anticipated EPS during the quarter is mainly attributable to lower than expected revenues due to a slower burn of backlog, partially offset by solid execution across nearly all segments that led to stronger than forecast operating margins (i.e. 14.3% vs. our estimate of 12.5%).” Chicago Bridge & Iron has a price target of $53.50, up from the previous $52.50, and has a Buy rating. At closing yesterday, Chicago Bridge & Iron was trading at $40.72.