UBS analyst Steven Fisher upgraded Fluor Corporation (NYSE: FLR) to Buy from Neutral, raising the price target to $47 from $35.
The analyst writes that the company is at an inflection point, with legacy risk concerns being addressed and a return to normalized margins anticipated.
Fisher expects a 41% growth in adjusted EBITDA from 2023 to 2025, driven by a 160 bps expansion in segment margin.
According to the analyst, cash flow adds further upside, with favorable resolutions in negotiations, non-core asset divestment, and other cash-supportive actions potentially adding ~$5 per share of ...