UPDATE: Citigroup Increases PT on Foster Wheeler from $20 to $21

Citigroup reiterated a Neutral rating on Foster Wheeler

and raised its price target from $20 to $21. Citigroup commented, “Given a potentially deteriorating global economic environment, we recognize that the outlook for the E&C sector is challenging, thereby, leading us to adopt a more guarded stance. Indeed, while the fundamental backdrop presents some risks for the remainder of 2012, we do believe longer term opportunities remain and urge selectivity. This viewpoint suggests that the E&C sector remains one of the best ways for investors to benefit from economic growth (i.e. albeit slower growth) in countries undergoing industrialization. “ Foster Wheeler closed at $17.80 on Wednesday.