Citigroup lifts CSE Global (544.SG) target price to $1.35 from $0.90, based on 11x forward P/E, after increasing 2010-2011 earnings estimates by 10–20%, says Dow Jones. Keeps Buy call.

Research house says industrial systems integrator for oil & gas sector highly leveraged to oil & gas production cycle.

“With oil prices sustaining above US$70 (a barrel), the overall investment cycle remains upbeat. CSE is also exposed to downstream-related projects, such as LNG and refineries, which are going on strong in the Middle East,” says Citi.

Expects $550 million worth of new orders by end-2010 vs $150 million secured year to date.

Shares +2.6% at $1.00.