Fluor price target lowered to $51 from $52 at Truist

Truist lowered the firm’s price target on Fluor (FLR) to $51 from $52 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 results in Machinery, Infrastructure Services, and Multi-Industry Industrial Technology. The firm sees Q3 as a “mixed bag”, with Machinery facing risk to margins in the second half relative to the first half as tariff headwinds should be fully reflected in margins, the analyst tells investors in a research note. Machinery will ultimately get a pass however, assuming margin pressure from tariffs is contained to 2025 and is offset in 2026, Truist states. The firm further notes that Multi-Industry earnings will be in line, reflecting prudently lackluster organic growth assumptions and the ability to price real time for tariffs while also anticipating modest beats and raises for the Engineering and Construction group given the robust backlog.