Citi Lowers PT on Foster Wheeler to $28.50

Citi is out with its report today on Foster Wheeler FWLT, lowering its PT to $28.50 from $36. In its report, Citi writes, "We are lowering our 12-month target price by $7.50 to $28.50 per share. The change to our target price reflects a change in our target multiple to 15.0x from 17.0x and lower than previously forecast EPS, which reflects an uncertain fundamental landscape leading to deteriorating investor sentiment and expectations of slower global economic growth." Citi maintains Hold on FWLT. At the time of posting, shares of FWLT were trading pre-market at $21.59, up 1.84% from Thursday's close.