Standpoint Research Upgrades Foster Wheeler (FWLT) to Buy
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Price: $27.52 --0%
Rating Summary:
4 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
Rating Summary:
4 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
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Standpoint Research upgraded Foster Wheeler (NASDAQ: FWLT) from Hold to Buy with a price target of $24.00.
The firm notes, "Foster Wheeler, market capitalization $2.2 bln, has dropped 19.9% since our downgrade last week and underperformed the S&P by > 1700 bps since that downgrade. FWLT reported Q3 this morning and is trading down 9%. FWLT is now trading < $19 with $8 in cash at 9X what we think they could earn looking out to 2012-2013. This is a very difficult company to forecast earnings on. At 9X with $1 bln in cash and < $200 mln in debt, the market has priced in the bad news and concerns but is not looking ahead and taking into consideration that many things could go right that are not priced in such as contract awards and an improving economic environment."
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 $20.37 yesterday.
The firm notes, "Foster Wheeler, market capitalization $2.2 bln, has dropped 19.9% since our downgrade last week and underperformed the S&P by > 1700 bps since that downgrade. FWLT reported Q3 this morning and is trading down 9%. FWLT is now trading < $19 with $8 in cash at 9X what we think they could earn looking out to 2012-2013. This is a very difficult company to forecast earnings on. At 9X with $1 bln in cash and < $200 mln in debt, the market has priced in the bad news and concerns but is not looking ahead and taking into consideration that many things could go right that are not priced in such as contract awards and an improving economic environment."
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 $20.37 yesterday.
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