Credit Suisse Raises Price Target on Foster Wheeler (FWLT), Indicators Suggest E&C Orders Ready To Pop

Credit Suisse is maintaining its Outperform rating on shares of Foster Wheeler (NASDAQ: FWLT) and is raising its price target from $41 to $47.

The firm reports that indicators are suggesting E&C orders are ready to take off as, FEED Work Increased in Q1 versus Q4, when adjusted for the unusually large refinery FEED booked in Q4; FWLT is beginning to push prices higher where capacity is tight; and a large oil & gas customer is making inquiries over FWLT's capacity with large projects coming. Credit Suisse notes that this hasn't happened since 2008.

No new CEO has been named, but the firm notrs that FWLT is looking both internally and externally for the right pick. Management commented that investors should not see any material changes in strategy once the new CEO comes on board.

Credit Suisse believes that overseas downstream could surprise on the upside this cycle.

For more ratings news on Foster Wheeler click here and for the rating history of Foster Wheeler click here.

Shares of Foster Wheeler closed at $35.85 yesterday.

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