UPDATE: BofA/Merrill Lynch Double Upgrades Fluor (FLR) to Buy, 'attractive risk-reward ahead of project capex improvement'

(updated to add analyst comment)

BofA/Merrill Lynch upgraded Fluor (NYSE: FLR) from Underperform to Buy with a price target of $58.00 (from $37.00).

Analyst Anna Kaminskaya is turning more positive on late-cycle capex and belies the cycle trumps the margin risk at the current valuation level. The analyst expects high capex to support P/E multiple expansion.

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

Shares of Fluor closed at $44.67 yesterday.

You May Also Be Interested In

• QuantumScape (QS) PT Lowered to $6 at Truist Securities
• Sartorius Stedim Biotech (DIM:FP) (SDMHF) PT Lowered to EUR360 at HSBC
• Enel SpA (ENEL:IM) (ENLAY) PT Raised to EUR7.40 at HSBC