Credit Suisse analyst John Walsh raised the firm's price target on Chart Industries to $128 from $109 and keeps an Outperform rating on the shares.

The analyst updated estimates after Chart disclosed historical recast financial segments. The company deserves a "premium valuation" as it can compound earnings growth in the mid/high-teens through 2023, Walsh tells investors in a research note.

Further, the analyst still sees an expanding total addressable market for the specialty markets of hydrogen and water treatment through organic and inorganic investment. He estimates that Chart's hydrogen revenue is currently $20M-$30M, with a path to $40M-$50M next year. The total addressable market for Chart's current hydrogen portfolio is $1.1B, say Walsh.