UPDATE: Seaport Global Securities Downgrades Fluor (FLR) to Neutral
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
(Updated - October 14, 2016 10:24 AM EDT)
Seaport Global Securities downgraded Fluor (NYSE: FLR) from Accumulate to Neutral with a price target of $50.00 (from $53.00). Analyst Ryan Cassil said he sees persistently weaker global macroeconomic trends and expectations for a continuation of weaker project activity in 2017.
"Given the trends discussed in our recent preview note, we see softer trends in FLR's end markets and thus are more cautious on FLR shares given the recent share appreciation and valuation at 16x 2016 EPS. We have reduced our 2016 estimates to $3.17 (from $3.80) and have reduced 2017 estimates to $3.49 (from $4.04). Please see our Q3:16 Construction and E&C Earnings Preview for more details on FLR's end markets and bookings trends," said Cassil.
Shares of Fluor closed at $50.32 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- Maxim Integrated (MXIM) PT Bumped to $45 at Jefferies Following In-Line Results on Note 7 Impact
- Jefferies Cuts Price Target on Packaging Corp. (PKG) to $93; Reiterates Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Downgrades
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!