UPDATE: UBS Investment Research Reiterates Buy Rating, Raises PT on Fluor Corporation on EPC Prospects Clarity

In a report published Friday, UBS Investment Research analyst Steven Fisher reiterated a Buy rating on

, and raised the price target from $73.00 to $75.00. In the report, UBS Investment Research noted, “FLR discussed some 2013 prospects (CP Chem, Sasol cracker, Shell Franklin, Cameron LNG) and some longer dated prospects (Kitimat LNG, Mozambique LNG). FLR sees a consistent book/bill ratio from 4Q13-4Q14 given ‘a lot of big projects coming.' Margins going into backlog are still higher than what's burning. FLR does not see any downside risk to its Bay Bridge exposure. After no buybacks in Q2, Fluor expects to resume share repurchases in 2H13.” Fluor Corporation closed on Thursday at $65.04.