UPDATE: D.A. Davidson & Co. Reiterates Neutral Rating, Lowers PT on Fluor Corporation on Improved Operating Results

In a report published Tuesday, D.A. Davidson & Co. analyst John B. Rogers reiterated a Neutral rating on Fluor Corporation FLR, but lowered the price target from $85.00 to $82.00. In the report, D.A. Davidson & Co. noted, “Fluor reported EPS of $1.02 for Q2 2014 from continuing operations compared to $0.98 per share in the prior year; above our estimate as indicated. Although revenue declined as expected, backlog improved from prior year levels and was up slightly from Q1. Management reiterated their guidance for earnings of $4.10-$4.45 per share this year.” Fluor Corporation closed on Monday at $72.98.