UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Foster Wheeler

In a report published Wednesday, the Goldman Sachs Group reiterated its Buy rating on Foster Wheeler (NASDAQ: FWLT), and slightly raised its price target from $24.00 to $25.00.Goldman Sachs noted, “This was a mixed quarter for FWLT. On one hand, we were disappointed by the weak E&C margins, lackluster bookings, and slightly lower guidance. However, we felt that management did a good job on the call explaining the earnings miss and providing investors with near-term prospects that could serve as catalysts for the shares. Specifically, FWLT called out large FEED contacts (e.g., European refinery upgrade, S. American petrochem) which could be booked as early as 3Q12. While we continue to believe consensus 2013 EPS is too high, we remain Buy rated on FWLT given the strong buyback, potential catalysts, and inexpensive valuation.”Foster Wheeler closed on Tuesday at $18.04.