Citi Cuts Price Target On Foster Wheeler AG (FWLT)

Citi Investment Research is cutting its price target on shares of Foster Wheeler AG FWLT to $40 from $41, but is maintaining its Hold rating on shares. In a note to clients, Citi writes, "We are lowering our target price by $1.00 to $40.00/share. The change to our target price primarily reflects lower margins in both business segments, partially offset by higher than previously assumed revenues. Our revised target price assumes applying a 17.0x target multiple to our updated 1 year forward, next twelve months EPS of $2.34." Shares of FWLT gained 67 cents yesterday to close at $35.44, a gain of 1.9%.