Fluor initiated with a Buy at Truist

Truist initiated coverage of Fluor with a Buy rating and $46 price target. The company’s backlog is growing and increasing reimbursable mix with limited competition, the analyst tells investors in a research note. The firm believes Fluor’s earnings are less reliant on traditional energy and positioned to benefit from the energy transition. With an improving balance sheet strong and cash flow generation improving, an “emerging cash back to shareholder story is emerging,” says Truist.