Fluor price target raised to $59 from $47 at Truist

Truist analyst Jamie Cook raised the firm’s price target on Fluor (FLR) to $59 from $47 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results for Machinery and Infrastructure Services space. The industrial economy remains choppy, but the incremental costs associated with tariffs are in line with, or less bad, relative to guidance provided when companies reported first quarter earnings, demand may not have deteriorated further from April levels, and relative to last quarter – when the market was bracing for a recession – there is more market optimism associated with the Republican tax bill, potential interest rate cuts, and trade tensions easing, the analyst tells investors in a research note.