Credit Suisse Downgrades Fluor (FLR) to Neutral
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UBS Cuts Price Target on Restoration Hardware (RH) to $34 Following 3Q
- MKM Partners Raises Price Target on Finisar (FNSR) to $43 Following 2Q
- FBR Capital Raises Price Target on Methode Electronics (MEI) Following Better Than Expected 2Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Downgrades
Related EntitiesCredit Suisse, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!