Fluor upgraded to Buy from Neutral at UBS

UBS upgraded Fluor to Buy from Neutral with a price target of $47, up from $35. The analyst thinks investors underappreciate Fluor’s potential as it continues its turnaround. The company has reached an inflection point on legacy risk concerns and is close to returning to more normalized margins or better after several sub-par years, while cash flow adds further upside, the analyst tells investors in a research note. The firm expects Fluor’s adjusted EBITDA to grow 41% from 2023 to 2025, driven by segment margin expansion.