KeyBanc downgrades Fluor on valuation after rally

KeyBanc downgraded Fluor (FLR) to Sector Weight from Overweight without a price target. The shares are up 47% since the end of Q1, reflecting Fluor’s value in NuScale Power (SMR) rather than a change in fundamentals, the analyst tells investors in a research note. KeyBanc believes Fluor’s stake in NuScale is now fully priced into the shares. It cites valuation for the downgrade.

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