UPDATE: Citigroup Maintains Buy Rating, Raises PT for KBR

In a company update published earlier today, Citigroup Inc. maintained its Buy rating for KBR, Inc. (NYSE: KBR) and slightly raised its price target from $50.00 to $51.00.

Citigroup said “In our view, further upside is likely and an in-line valuation (i.e. relative to the covered E&Cs) is warranted given that KBR: 1) has significant exposure to a strong LNG end market, 2) is increasingly well diversified geographically (i.e. ~80% of revenues are non-U.S.), 3) has a disciplined management team that focuses on a healthy cash position and allocates capital to share purchases, dividends, and strategic acquisitions, and 4) has a relatively robust potential project list, which could net strong new orders in a competitive environment.”

KBR, Inc. closed yesterday at $34.24.