Fluor price target lowered to $60 from $65 at Truist

Truist analyst Jamie Cook lowered the firm’s price target on Fluor (FLR) to $60 from $65 and keeps a Buy rating on the shares. The stock closed down 10% after missing on FY24 revenue guidance of up 10% vs actual of up 5%, but this was tied to revenue deferral on a large project in Energy Solutions, and on the positive side, there was no noise from legacy problem projects, while the company’s operating cash flow was strong for FY24 at $828M, the analyst tells investors in a research note.