UPDATE: Seaport Global Securities Downgrades Fluor (FLR) to Neutral
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(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.
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