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.