Standpoint Research Downgrades Foster Wheeler (FWLT) to Hold

Standpoint Research downgraded Foster Wheeler (NASDAQ: FWLT) from Buy to Hold with a price target of $24.00.

The firm comments, "We want to take advantage of this market rally and opportunity to cut down on high beta positions. We are lowering our overweight in Industrials with this drop/downgrade. We have now gone in-and-out of FWLT three times in the last year. FWLT is trading at 14X trailing twelve months earnings and 10X a speculative estimate for 2013. Our target for FWLT remains $24 for 2013-2014. It is the near-term risk/reward that is our concern at this time with an upside of $24 and a downside of $16."

For an analyst ratings summary and ratings history on Foster Wheeler click here. For more ratings news on Foster Wheeler click here.

Shares of Foster Wheeler closed at $19.66 yesterday.

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