Citi Reiterates Hold and $39 PT On Foster Wheeler (FWLT)

Citi reiterated its Hold rating and $39 price target on Foster Wheeler FWLT in a research report published today. In the report, Citi states, "Our investment thesis remains unchanged given a lower than expected 1Q11 result combined with a lack of significant improvement in operational performance and bookings. Simply put, we are awaiting more visibility on earnings and on new award timing from Foster's potentially large E&C project pipeline, over the next several quarters. A pullback in share price and/or increased clarity/conviction on 2012 + margins and earnings profile would lead us to consider a more constructive stance." Foster's closing value on Tuesday was $34.20.