Credit Suisse Downgrades Fluor (FLR) to Neutral
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Credit Suisse downgraded Fluor (NYSE: FLR) from Outperform to Neutral with a price target of $49.00 (from $53.00).
Analyst J. Cook commented, "We reduce our rating to Neutral from Outperform. We believe that FLR remains one of the best positioned in oil & gas and mining longer-term, however, we remain concerned with project burn-rates slowing, and new awards likely pushed into FY'18. We are less optimistic FY'17 is the trough for EPS given FLR is so late cycle. We see few catalysts to get FLR out of the penalty box given the earnings trajectory remains cloudy and the CP Chem problem project likely remains an overhang (even with progress made in Q4'16, the project is not expected to be complete until October 2017). We reduce our FY'18 EPS estimate to $3.00 (from $3.45) and TP to $49 (from $53)."
Shares of Fluor closed at $44.86 yesterday.
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