UPDATE: Stifel Nicolaus Raises PT to $74 on Fluor Corporation Following Earnings Beat

Stifel Nicolaus maintained Fluor Corporation FLR with a Buy rating and raised the price target from $71.00 to $74.00. Stifel Nicolaus noted, "FLR's 4Q12 EPS ex-items of $1.08 [GAAP $(0.03)] beat the consensus view by 10% as G&A controls and I&I segment OPM% aided the beat. Results were messy but after adjusting for the previously disclosed $1.61/sh. unfavorable Greater Gabbard arbitration ruling, $0.17/sh. of asset sale gains, a favorable LogCAP 4 renegotiation impact of $0.07/sh. and tax items that added $0.26/sh., investors could finally get a handle on the core EPS. … [W]e believe the Oil & Gas mix drives ROIC levels and hence late-cycle FLR stock, so we remain favorable." Fluor Corporation closed at $64.34 on Wednesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetAnalyst RatingsStifel Nicolaus
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!