Chart Industries price target lowered to $199 from $229 at Craig-Hallum

Craig-Hallum analyst Eric Stine lowered the firm’s price target on Chart Industries to $199 from $229 and keeps a Buy rating on the shares. The firm notes Q2 was a quarter of records for Chart Industries with record sales, gross profit/margin, operating income/margin, and EBITDA/EBITDA margin. That said, mostly due to project timing, Chart missed Q2 across-the-board and guided down for FY24. Given the nature of Chart’ business, project volatility/variability is nothing new, but this outweighed the ongoing strong commercial momentum across the business. Craig-Hallum continues to see Chart as ideally positioned for the accelerating energy transition with a strong market presence and expansive product offering that addresses a wide array of end markets, applications and geographies in traditional and new/emerging energy markets.