Morgan Stanley is designating Chart Industries (GTLS) as “Top Pick” among the analyst’s coverage after Chart announced plans for an all-stock merger-of-equals with Flowserve (FLS) earlier this month. While some question whether the “juice is worth the squeeze” and the analyst is “sympathetic to this push-back,” the firm’s analysis supports the view that the transaction offers benefits which could buoy what it sees as “an already compelling growth and relative valuation story,” the analyst tells investors. Deal synergy targets are “compelling if realized,” adds the analyst, who has an Overweight rating and $225 price target on Chart Industries shares.
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