Piper Jaffray Reiterates Overweight and PT of $70 on Chart Industries

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.