KBR price target lowered to $40 from $45 at Wells Fargo

Wells Fargo lowered the firm’s price target on KBR (KBR) to $40 from $45 and keeps an Equal Weight rating on the shares. The firm sees a favorable setup heading into earnings, macro permitting, as the Machinery supply-driven recovery is accelerating, non-residential recovery is broadening into semis, and cash conversion is improving.