Fluor price target lowered to $52 from $59 at Truist

Truist lowered the firm’s price target on Fluor (FLR) to $52 from $59 and keeps a Buy rating on the shares. Fluor’s stock closed down almost 30% on Friday amid its earnings miss, a guidance cut, and the announcement that it will finally start to monetize its investment in NuScale (SMR), though the initial amount fell short of the market’s expectations, the analyst tells investors in a research note. Truist believes Fluor can use the proceeds from the monetization to buy back stock above the $450M-$500M implied in the full-year guide and at attractive levels, says the balance sheet is strong, and the business model is significantly de-risked.