Citi upgraded Fluor (FLR) to Buy from Neutral with a price target of $65, up from $52. The company’s outlook and execution “continues to evolve positively” and its backlog has increased over the last several quarters, the analyst tells investors in a research note. The firm thinks the company’s book-to-bill should pick back up to over one-times toward the middle of 2025. However, the stock “could still react reasonably well” beforehand given Fluor’s improved execution and relative valuation discount to the S&P 500, contends Citi. The firm believes the stock is not pricing in the potential for the company to monetize at least several hundred million dollars from its 50% equity stake in Nuscale Power (SMR).
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on FLR:
- Fluor upgraded to Buy from Neutral at Citi
- Fluor JV receives notice to proceed on Hanford integrated tank contract
- Fluor price target raised to $66 from $61 at Truist
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
