UPDATE: Stifel Reiterates Buy Rating, Raises PT on Fluor Corporation on Valuation

In a report published Wednesday, Stifel analyst Robert Connors reiterated a Buy rating on

, and raised the price target from $74.00 to $90.00. In the report, Stifel noted, “We are increasing our target price for FLR stock from $74 to $90/sh. We value FLR stock based on EV/Backlog as well as P/E, P/B, EV/Rev., EV/EBITDA and P/Rev in comparison to prior cycles. Our $90 target price is the average of the 6 approaches and represents 29% upside potential.” Fluor Corporation closed on Tuesday at $69.69.