Citing a global energy infrastructure buildout cycle starting up again, Barclays (NYSE:BCS) said orders for Chart Industries (Nasdaq:GTLS) should accelerate in 2011.
Barclays said, "We continue to believe Chart represents a solid long term investment and is a good way to gain leverage to the global energy
infrastructure buildout cycle which is restarting. We expect orders to
accelerate and drive backlog higher in the coming quarters.
"We are raising our 2011 and 2012 EPS estimates to $1.80 (from $1.70) and
$2.50 (from $2.40) reflecting higher margin assumptions for the Energy &
Chemicals and BioMedical businesses. We are increasing our price target to
$34. We are now keying our price target for GTLS off of 2012E earnings vs.
2011 previously) given increased confidence in a recovery in demand for energy infrastructure equipment and our view that 2012 will represent a more normalized earnings year for the company."
Barclays reiterated an "Overweight" on Chart, raising their price target from $27 to $34. Chart closed Friday's trading session at $23.30, losing $0.83, or 3.44 percent.
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