BofA lowered the firm’s price target on KBR (KBR) to $45 from $55 and keeps a Neutral rating on the shares. Despite a Q3 beat, it seems as through investors are choosing to sit on the sidelines given macro headwinds and the impending business split until there is more clarity on each business, the analyst tells investors. The firm reduced its multiple to account for headwinds at STS, increased Lake Charles uncertainty, and ongoing contract and protest pressure at MTS, the analyst noted.
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