Fluor Corp. rises as analyst upgrades shares

Fluor's stock gained $5.18, or 10.6 percent, to $53.18 in afternoon trading.

In a note to investors, analyst John B. Rogers of D.A. Davidson & Co. upgraded Fluor to 'Buy' from 'Neutral.'

Shares of the Irving, Texas, company are down more than 50 percent since June, which Rogers attributed to concerns that the credit crisis and falling commodity prices, particularly of oil, threatens the construction industry.

"Amidst the share price decline, the operating results for Fluor have continued to improve with record earnings and further growth expected," he said.

The credit squeeze and political logjam in Congress "are likely to prevent a recovery to previous peak valuation levels" soon, Rogers said. As a result, he expects Fluor shares to move as high as $73, or 50 percent above current prices "as market uncertainty wanes."