UBS Maintains a 'Buy' on Fluor (FLR); Strong Bookings in Q2

August 3, 2012 12:37 PM EDT
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Price: $52.57 --0%

Rating Summary:
    11 Buy, 19 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 10 | New: 7
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UBS maintains a 'Buy' on Fluor (NYSE: FLR) price target of $68.00 (from $69.00).

Analyst, Steven Fisher, said, "Q2 was better than expected, and the tone continues to be positive. We think FLR is setting up for good growth in 2013, but higher NuScale costs are a NT drag and mining remains uncertain. The growth rate will partly depend on whether FLR reduces its NuScale stake. We also reduced our Oil & Gas margin estimates, while raising revenue estimates. We expect Oil & Gas bookings to remain solid next year, and infrastructure to mitigate mining, allowing backlog to grow, while cash provides some support."

FY12 EPS estimate lowered from $3.74 to $3.68, raises FY13 from $4.20 to $4.30.

For an analyst ratings summary and ratings history on Fluor click here. For more ratings news on Fluor click here.

Shares of Fluor closed at $49.72 yesterday.

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