Fluor downgraded to Neutral from Outperform at Baird

Baird downgraded Fluor (FLR) to Neutral from Outperform with a price target of $58, up from $54. The firm remains positive on the engineering, consulting, and construction stocks heading into 2025. This cycle’s growth likely peaked in 2023 and 2024 but 2025 is likely to post rates above the sector’s 4% average with favorable supply/demand characteristics, allowing margin progression and driving above average earnings growth, which enough to justify the sector’s premium to historical averages, the analyst tells investors in a research note. It downgraded Fluor as part of its 2025 outlook.