Piper Jaffray reiterated its Overweight rating on Chart Industries GTLS. At the same time, Piper Jaffray left its price target unchanged at $70. In a research report published today, Piper Jaffray stressed good prospects following U.S. DOE's approval to use Sabine Pass as an export base.
In the report, Piper Jaffray states, "Prospects for LNG exports from the contiguous U.S. have gone from long shot to
likely over the past year as the US DOE gave approval for Cheniere to convert their
Sabine Pass import facility to a bi-directional facility with the capability of
exporting LNG to any country with import capacity. The Cheniere project is the
first of several controversial proposed conversions of LNG import terminals to
bi-directional facilities. The potential facilities represent another incremental
catalyst for our bullish outlook on Chart's shares, as we estimate $500M+ of
potential LNG liquefaction equipment business related to the conversion projects
currently on the table. We remain buyers of Chart shares especially given recent
weakness and reiterate our $70 price target."
On Monday, Chart Industries closed the day at $42.77.
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