Goldman Sachs Bullish On Chicago Bridge & Iron Company (CBI)

Goldman Sachs has a Buy rating and a $42 price target on shares of Chicago Bridge & Iron Company N.V. CBI. In a note to clients, Goldman writes, "CL-Buy CBI remains our favorite pick into the quarter. While we expect CBI to miss its 2010 award guidance due to the Kearl award moving to 2011 from 2010, we believe this is widely known and will not have an impact on future earnings. We expect CBI to beat 4Q10 consensus EPS expectations (GS: $0.59 vs. consensus: $0.56) and book solid new awards (GS: $1.1 bn, book to bill: 1.05). We also expect management to maintain 2011 EPS guidance of $2.15-$2.40 and remain positive on future award prospects." Shares of CBI lost $1.22 on Friday to close at $32.61, a loss of 3.6%.