Barclays on U.S. Engineering & Construction: 1Q Reflective of Slowly Improving Outlook
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Price: $51.94 -3.92%
Rating Summary:
13 Buy, 18 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 14 | New: 20
Rating Summary:
13 Buy, 18 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 14 | New: 20
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Barclays on U.S. Engineering & Construction: 1Q Reflective of Slowly Improving Outlook
Analyst, Andy Kaplowitz, said, "We continue to like the longer-term prospects for many of our more energy-exposed E&Cs as we head into 1Q earnings and expect management commentary to support our relatively positive sentiment for 2012. Generally, we expect slowly improving backlogs for most of our energy-levered E&Cs, modestly better pricing that should be leading to slowly improving margin, and continued increased focus on how low natural gas prices can positively affect our E&Cs under coverage (our preferred way of investing in the theme is through CBI, but we think Fluor (NYSE: FLR), Foster Wheeler (Nasdaq: FWLT), Jacobs Engineering (NYSE: JEC), and KBR, Inc. (NYSE: KBR) are all levered to the developing trend)."
Kaplowitz maintains CBI and FLR as Top Picks, and also sees FWLT and JEC well positioned in the near-term. He thinks that the slow increase in progress may provide upside surprises in late 2012 to early 2013.
Analyst, Andy Kaplowitz, said, "We continue to like the longer-term prospects for many of our more energy-exposed E&Cs as we head into 1Q earnings and expect management commentary to support our relatively positive sentiment for 2012. Generally, we expect slowly improving backlogs for most of our energy-levered E&Cs, modestly better pricing that should be leading to slowly improving margin, and continued increased focus on how low natural gas prices can positively affect our E&Cs under coverage (our preferred way of investing in the theme is through CBI, but we think Fluor (NYSE: FLR), Foster Wheeler (Nasdaq: FWLT), Jacobs Engineering (NYSE: JEC), and KBR, Inc. (NYSE: KBR) are all levered to the developing trend)."
Kaplowitz maintains CBI and FLR as Top Picks, and also sees FWLT and JEC well positioned in the near-term. He thinks that the slow increase in progress may provide upside surprises in late 2012 to early 2013.
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