GTLS - Why Chart Industries Stock Fell 6% Today
Shares of Chart Industries (NASDAQ: GTLS), a maker of cryogenic gas processing and storage equipment, closed trading on Friday down 5.8%, which sounds like bad news. In fact, it's relatively good news for shareholders since at one point today, Chart was down closer to 17%.
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One thing may explain both the steep drop and the eventual recovery. This morning, analysts at investment bank Stifel cut their price target on Chart Industries by nearly 40% -- from $90, all the way down to $55. The magnitude of the cut probably shocked a lot of investors in this energy industry supplier. But again, this is something that sounds like bad news at first...and really isn't.