Chicago Bridge & Iron Stock Downgraded as Company Agrees to Sell Itself
Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope...
The news broke last night -- and broke Wall Street's heart: Chicago Bridge & Iron (NYSE: CBI) is selling itself to McDermott International (NYSE: MDR). When that happens, all chance that analysts will profit from their buy ratings on Chicago Bridge will be lost. Accordingly, these analysts are canceling their bets and downgrading Chicago Bridge stock.
Here's what you need to know.
Source: Fool.com
