UPDATE - DA Davidson Upgrades Flour (FLR) to Buy; Prospects and Growth Potential Clearer

UPDATE - DA Davidson Upgrades Flour (NYSE: FLR) to Buy. PT increased from $75 to $80 (long-term/5-yr price target raised to $120)

DA analyst said, "Over the past several quarters, and following a 30% decline from mid 2008 to early 2010, backlog has rebounded to record levels in excess of $37 billion. Although backlog is not equivalent to earnings given the potential for variances in margins, growth in bookings suggest market demand for Fluor’s services has recovered...we expect further growth in bookings over the next several quarters. Much of the recent and prospective backlog growth has been in the Industrial & Infrastructure segment, which is likely to offer lower margin opportunities than Oil & Gas in the recent cycle. However, even with lower margins, we expect EPS in 2012 to exceed previous peak levels based on higher revenue and a reduced share count."

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