Citi Maintains Buy on Fluor

Citi is out with its report today on Fluor FLR, maintaining Buy. In its report, Citi writes, "We rate FLR Buy/High Risk (1H). We believe investors should Buy shares of Fluor given our belief that a strengthening economic recovery and an improving fundamental landscape should translate into strong Oil & Gas new award activity over the next several quarters. In particular, we judge that FLR is well suited to benefit from increased spending in the energy complex, as historically strong margins in the Oil & Gas Segment should improve the revenue mix and drive EPS growth in the 2011/2013 period." Citi maintains a $78.50 PT on FLR. Shares of FLR closed Friday at $54.18, down 1.74% from Thursday's close.