Why Chicago Bridge & Iron Company N.V. Shares Plunged 10% Today [The Motley Fool]
CHICAGO BRDGE & IRON (CBI)
Last chicago brdge & iron earnings: 4/23 04:30 pm
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Source: The Motley Fool
An analyst's downgrade took a big bite out of this construction giant today. Travis Hoium ( TMFFlushDraw ) Jun 6, 2017 at 3:36PM What happened Shares of infrastructure company Chicago Bridge & Iron Company N.V. ( NYSE:CBI ) fell as much as 10% on Tuesday after being downgraded by an analyst. At 2:50 p.m. EDT shares were bouncing near their low, down 9.3% on the day. So what An analyst at Macquarie Group lowered its price target for Chicago Bridge & Iron from $18.00 per share to $11.50 per share and kept an underperform rating. The reduction in price target was based on an assumption that management is drawing down the maximum under its revolver rather than just using the end of quarter number. Companies often clean up their balance sheets at the end of the quarter to make them look good for investors, and a disclosure that said the drawdown ha
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