Why Chart Industries Stock Fell 6% Today
Shares of Chart Industries (NASDAQ: GTLS), a maker of cryogenic gas processing and storage equipment, closed trading on Friday down 5.8%, which sounds like bad news. In fact, it's relatively good news for shareholders since at one point today, Chart was down closer to 17%.
Image source: Getty Images.
One thing may explain both the steep drop and the eventual recovery. This morning, analysts at investment bank Stifel cut their price target on Chart Industries by nearly 40% -- from $90, all the way down to $55. The magnitude of the cut probably shocked a lot of investors in this energy industry supplier. But again, this is something that sounds like bad news at first...and really isn't.
Source Fool.com
