UPDATE: D.A. Davidson Reiterates On Foster Wheeler AG Following Q3 EPS Report

In a report published Tuesday, D.A. Davidson analyst John B. Rogers reiterated a Neutral rating on

, but lowered the price target from $32.50 to $31.20. In the report, D.A. Davidson noted, “Foster Wheeler reported EPS of $0.25, which was well below our estimates and recent trends as indicated below. Most of the operating variance was due to lower contribution from the Power Generation segment. Reported EPS also included a $0.02 charge related to asbestos settlements, $0.04 of costs associated with the pending acquisition, and higher than expected taxes, which reduced EPS by $0.05 relative to our model and prior year levels.” Foster Wheeler AG closed on Tuesday at $30.84.