Sterne Agee Reiterates Buy Rating, $75 PT on Fluor Corporation

In a report published Wednesday, Sterne Agee Group reiterated its Buy rating and $75.00 price target on Fluor Corporation

. Sterne Agee noted, “Fluor hosted a well attended investor day in NYC providing upbeat and confident commentary around multiple end market opportunities. In our view, Fluor's diversified offerings and market leading position should provide ample opportunity for backlog expansion while strengthening its margin profile. Oil & Gas, Infrastructure and Power end markets appear set to contribute higher margin growth. U.S. shale prospects remain robust including ethylene cracker complexes, propane dehydrogenation, petrochemical derivative units, gas-to-liquid (GTL), and liquefied natural gas (LNG). We expect mining awards could simmer down a bit as producers revisit very large capital spending plans, but should continue to be a solid end market with reasonable award growth.” Fluor Corporation closed on Tuesday at $53.28.