Wunderlich Securities Reiterates Buy Rating On Fluor (FLR)

In a research note released today by Wunderlich Securities, the firm reiterated its Buy rating on shares of Fluor Corporation FLR. The analysts wrote that "Fluor put in a strong quarter and we believe we are in the early stage of a multi-year upturn in several of the key markets the company serves. Fluor's 2Q earnings of $0.88 were ahead of both our $0.69 and consensus $0.75 estimates as better operating results and lower SG&A costs helped drive earnings." The company guided higher on second-half order rates, which were mostly related to oil and gas, infrastructure, and government sector work. Wunderlich has raised its 2010 EPS forecast for FLR from $2.80 to $3.10 to reflect 2Q results and an improved profitability outlook for the oil and gas group. 2011 estimates go from $3.35 to $3.60. The firm has a Buy rating on the stock with a price target of $57.00. During today's trading session, FLR has gained 2.28% to $48.94.