Barclays maintains an 'Overweight' on Flour (FLR); Continued Strength in Mining Reinforces Outlook Despite Mixed 3Q Earnings Result
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Price: $52.42 +0.50%
Rating Summary:
13 Buy, 18 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
13 Buy, 18 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Overweight' on Flour (NYSE: FLR) price target lowered from $86 to $82.
Barclays analyst says, "Despite a mixed 3Q11 EPS result, we believe continued strength in mining and slowly improving oil and gas end markets should push backlog/earnings higher over time. Another sizeable charge on Greater Gabbard ($0.14/share) drove most of the earnings miss, which is disappointing but not unexpected, and we're optimistic the project could be completed by early 2012. That issue aside, the underlying quarter was generally in-line. We still favor FLR's end market diversification in a choppy/uncertain global recovery, and we continue to be encouraged by the strength in Industrial & Infrastructure. While we think some investors still may not fully appreciate the potential of FLR's mining and infrastructure opportunities, we believe there are still enough sizeable mining prospects on FLR's radar (even in the near term) to at least support I&I backlog near record levels (if not higher)." (Barclays lowers FY12 EPS estimate from $3.95 to $3.75)
For more ratings news on Flour click here and for the rating history of Flour click here.
Shares of Flour closed at $58.60 yesterday.
Barclays analyst says, "Despite a mixed 3Q11 EPS result, we believe continued strength in mining and slowly improving oil and gas end markets should push backlog/earnings higher over time. Another sizeable charge on Greater Gabbard ($0.14/share) drove most of the earnings miss, which is disappointing but not unexpected, and we're optimistic the project could be completed by early 2012. That issue aside, the underlying quarter was generally in-line. We still favor FLR's end market diversification in a choppy/uncertain global recovery, and we continue to be encouraged by the strength in Industrial & Infrastructure. While we think some investors still may not fully appreciate the potential of FLR's mining and infrastructure opportunities, we believe there are still enough sizeable mining prospects on FLR's radar (even in the near term) to at least support I&I backlog near record levels (if not higher)." (Barclays lowers FY12 EPS estimate from $3.95 to $3.75)
For more ratings news on Flour click here and for the rating history of Flour click here.
Shares of Flour closed at $58.60 yesterday.
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