UPDATE: Citi Raises Fluor's PT

According to a research report published this morning, Citi has increased Fluor's FLR PT from $78 to $79. In the report, Citi commented, "FLR reported 1Q12 EPS of $0.91, which was above both consensus and our estimate of $0.86 per share. The variance between our estimate and FLR's 1Q12 result can be primarily attributed to a lower than expected tax rate. New awards of $8.4 billion (i.e. book to bill of 1.3x) resulted in a record backlog of $41.5 billion in 1Q12." Citi maintains its Buy rating on Fluor, which is currently trading at $58.96.