FBR Capital Reiterates an 'Outperform' on Flour (FLR); 1Q11 Review
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Price: $39.35 +0.36%
Rating Summary:
13 Buy, 18 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
13 Buy, 18 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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FBR Capital reiterates an 'Outperform' on Flour (NYSE: FLR), PT lowered from $84 to $81.
FBR analyst says, "Last week, Fluor announced 1Q11 results that were in line with our estimates and those of consensus, and guidance for 2011 EPS was reiterated. Notable in the quarter were new awards of $6.2 billion, likely ahead of most expectations, such that backlog expanded to an all-time record. In summary, the quarter was a non-event, with some modest positives and modest negatives. The takeaway is that Fluor continues to benefit from improving global economic conditions, with mining and minerals leading the increase in backlog. It looks like the early stage of a longer up-cycle, and with more than $2 billion of net cash, Fluor has significantly greater flexibility to enhance shareholder value this cycle than in the past. We have modestly adjusted our estimates and price target to reflect a slightly more conservative near-term view on profit margins."
For more ratings news on Flour click here and for the rating history of Flour click here.
Shares of Flour closed at $72.22 yesterday.
FBR analyst says, "Last week, Fluor announced 1Q11 results that were in line with our estimates and those of consensus, and guidance for 2011 EPS was reiterated. Notable in the quarter were new awards of $6.2 billion, likely ahead of most expectations, such that backlog expanded to an all-time record. In summary, the quarter was a non-event, with some modest positives and modest negatives. The takeaway is that Fluor continues to benefit from improving global economic conditions, with mining and minerals leading the increase in backlog. It looks like the early stage of a longer up-cycle, and with more than $2 billion of net cash, Fluor has significantly greater flexibility to enhance shareholder value this cycle than in the past. We have modestly adjusted our estimates and price target to reflect a slightly more conservative near-term view on profit margins."
For more ratings news on Flour click here and for the rating history of Flour click here.
Shares of Flour closed at $72.22 yesterday.
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