Raising Our FVE for Best Idea Fluor to $69 on Benefits From Tax Reform and Firmer Crude-Oil Prices
We have raised our fair value estimate for Best Idea Fluor to $69 per share from $60 to reflect benefits from an improved capital spending environment, higher energy prices, and early signs of a pickup in project demand.The main drivers behind our greater confidence are customer-centric. Federal income tax reform, repatriation incentives, and regulatory reforms together will raise a customer’s anticipated aftertax return on capital projects, shorten the time to project completion, and allow cer...
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