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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.”
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Source: seekingalpha.com
