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HARTFORD, Conn. - An analyst raised his profit estimates for Fluor Corp. Tuesday, saying the engineering and construction company can "continue to deliver solid earnings even in a slowing global economy."
| FLR | 46.79 |  -2.86 |
Analyst Alex Rygiel of FBR Capital Markets increased his earnings-per-share estimates to $3.61 from $3.47 for 2008 and to $4.12 from $4 for next year.
He maintained his "Outperform" rating, but cut his price target to $70 from $77.
"Even though the current economic and credit environment could cause new awards to weaken in late 2009, which we have factored into our forecast, current backlog provides fair visibility for the next several quarters," Rygiel wrote in a note to clients. "Although some end markets could slow in 2009/2010, we believe management has the time and the flexibility (i.e. money) to continue to deliver solid earnings even in a slowing global economy."
In premarket trading, shares of Fluor lost $1.18, or 3 percent, to $38.53. The stock has ranged from $28.92 to $101.36 over the past year.
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