J.P. Morgan Maintains Rating, PT On FLR Following 1Q Results

J.P. Morgan is maintaining its Overweight rating and its price target of $77 on Fluor Corp. FLR in light of solid 1Q results.. According to J.P. Morgan, “We maintain our 2011E EPS (FLR affirmed prior guidance of $3.00-3.40), as Q1 results were solidly in-line with our expectations, and the strong Q1 order book appeared in-line with internal expectations. The continued bookings strength increases our confidence in our 2012E EPS forecast (which we maintain), though we await further evidence of a pick-up in the pace of EPC conversions (particularly in the Oil & Gas segment) before taking our estimates higher.” FLR closed at $65.69 yesterday.