FBR Capital Reiterates an 'Outperform/Top Pick' Rating on Fluor Corp (FLR)
FBR Capital reiterates an 'Outperform/Top Pick' rating on Fluor Corporation (FLR).
FBR analyst says, "Yesterday, we attended an analyst meeting hosted by management of Fluor, where management provided a general business update, a review of its business segments, followed by a tour of the San Francisco / Oakland Bay Bridge project, which FLR is constructing with a JV partner. Near-term, we believe new awards activity will remain in-line to slightly above revenue
burn, such that backlog should continue to expand in 2H10. Opportunities appear to be spread across several end markets (oil & gas, mining, infrastructure) and geographies (Asia, Middle East, Australia, etc), reconfirming our Top Pick thesis that FLR's breadth and depth during a difficult global economic period is providing greater opportunities than most of its peers with a narrower end market/geographic focus."
Shares of FLR are trading near the low end of its 52-wk range ($39.77 - 56.75). The stock is currently at $44.59 and has fallen about 10% in the past three weeks.
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FBR analyst says, "Yesterday, we attended an analyst meeting hosted by management of Fluor, where management provided a general business update, a review of its business segments, followed by a tour of the San Francisco / Oakland Bay Bridge project, which FLR is constructing with a JV partner. Near-term, we believe new awards activity will remain in-line to slightly above revenue
burn, such that backlog should continue to expand in 2H10. Opportunities appear to be spread across several end markets (oil & gas, mining, infrastructure) and geographies (Asia, Middle East, Australia, etc), reconfirming our Top Pick thesis that FLR's breadth and depth during a difficult global economic period is providing greater opportunities than most of its peers with a narrower end market/geographic focus."
Shares of FLR are trading near the low end of its 52-wk range ($39.77 - 56.75). The stock is currently at $44.59 and has fallen about 10% in the past three weeks.
Discover Wall Street's best ratings calls with the pros - Ratings Insider Elite. Free Trial!
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