UPDATE: Jefferies Raises PT on Chicago Bridge & Iron to $44 (CBI)

Jefferies is out with its report today on Chicago Bridge & Iron (NYSE: CBI), raising its PT from $37 to $44.

In a note to clients, Jefferies writes, "Chicago Bridge & Iron reported fiscal first quarter earnings of $50.5 million or $0.50/share in-line with our estimates of $50.2 million or $0.50/share. New orders reflected an increase in both small/large projects and Lummus Technology. Backlog outlook appears healthy. Raising our price target to $44 from $37, but would look for a more attractive risk/reward profile on well-positioned energy service provider."

At the time of posting, shares of CBI were trading at $39.88, down 2.06% from Tuesday's close.