2023-08-09 12:57:41 ET
Chart Industries ( NYSE: GTLS ) +2.3% in Wednesday's trading as Wells Fargo upgraded the stock to Overweight from Equal Weight with a $224 price target, raised from $162, saying the company is well positioned for the energy transition with deleveraging a supporting event.
Chart ( GTLS ) recently reiterated its full-year sales outlook of $3.66B-$3.8B and raised its estimate of cash available for debt paydowns in 2023 at $655M-$705M from prior guidance of $275M-$325M, which includes the use of proceeds from both Roots and Cofimco but no other potential divestitures, according to Wells Fargo's Roger Read.
The analyst said his Overweight rating for Chart ( GTLS ) "incorporates less risk associated with integrating the Howden assets and a more normalized growth rate post-transaction," while longer term, Chart "remains one of the more interesting and attractive opportunities to participate in the twin opportunities of Energy Security and the Energy Transition."
More on Chart Industries:
- Financial and valuation comparison to sector peers
- Analysis: Chart Industries: Joint Venture Or Partnership Time
- Stock price return: Up 44% YTD, down 17.5% in the past 12 months
For further details see:
Chart Industries raised at Wells Fargo on reduced risk from Howden integration