Stifel Chart notes that Chart Industries reported Q3 results that were “materially lower than our estimates” and that guidance for FY23 was taken down. However, the firm expected the upside of new 2024 guidance to drive shares up, but “the staggering pullback proved quite the opposite.” The firm, which attributes the market response to concern about the company’s ability to hit Q4 and FY24 guidance, an uncertain economic outlook, and “underwhelming” free cash flow in Q3, “would be aggressive buyers here,” the analyst tells investors. Stifel keeps a Buy rating and $224 price target on Chart Industries shares, which are down 21% to $115.62 in Friday afternoon trading.
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- Chart Industries falls -20.6%
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