Saturday, July 24, 2010

Citigroup (NYSE:C) Keeps "Hold" on Fluor (NYSE:FLR)

Fluor (NYSE:FLR) was maintained as a "Hold" by Citigroup, Inc. (NYSE:C), while placing a price target of $52 on the company.

Analyst at Citigroup said this about Flour, “We are raising our 2010, 2011 and 2012 EPS estimates by $0.12, $0.10 and $0.03 to $2.94, $3.32 and $3.53 per share, respectively. The upward changes to our EPS estimates are driven by higher than previously modeled new awards, a lower effective tax rate (i.e. both more in-line with management’s guidance), partially offset by modestly lower margins and higher assumed burn rates.”

Among the commodity sector Fluor serves are oil and gas, mining and metals, and power.

Fluor ended the week strong, moving up $4 a share over the last five trading days, finishing at $47.04. On Friday they closed ahead by $1.02, or 2.22 percent.

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