UPDATE: Canaccord Genuity Downgrades Fluor Corporation on Share Price Appreciation
In a report published Thursday, Canaccord Genuity analyst Yuri Lynk downgraded the rating on Fluor Corporation (NYSE: FLR) from Buy to Hold, but reiterated the $80.00 price target.
In the report, Canaccord Genuity noted, “Fluor checks virtually all of the boxes in terms of our top down view and what we look for in a long-term holding in the E&C space. However, strong share price appreciation causes us to move to a HOLD from a Buy rating. Fluor shares have appreciated 25% year-to-date, outpacing a 21% gain in the S&P 500 Index and a 21% increase in the S&P 500 Industrials Index. In our view, Fluor's valuation multiple appropriately balances potential upside associated with the gas-monetization build-out with downside associated with declining mining backlog and government headwinds. Given the 6% return implied by our US$80.00 one-year target price, we feel Fluor is best positioned as a HOLD.”
Fluor Corporation closed on Wednesday at $76.01.
Latest Ratings for FLR
Date | Firm | Action | From | To |
---|---|---|---|---|
Jan 2021 | Vertical Research | Upgrades | Hold | Buy |
Nov 2020 | UBS | Maintains | Neutral | |
Apr 2020 | UBS | Downgrades | Buy | Neutral |
View More Analyst Ratings for FLR
View the Latest Analyst Ratings
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted-In: Canaccord Genuity Yuri LynkAnalyst Color Downgrades Analyst Ratings