Fluor Corp. (FLR)

Feb 22, 2021Trade Ideas

After gapping from $20.50 to $16.41, Fluor Corp. (FLR) is beginning to pivot higher from triple bottom support. Near-term, we’d like to see a near-term test of its prior high just above $20. Longer-term, if FLR can break above Sept. 2020 resistance, it could refill its gap around $31.

Helping, there are key catalysts that could push the stock higher.

– One, Vertical Research Partners’ Michael Dudas just upgraded the stock to a Buy with a price target of $30.
– Two, “Fluor’s new CEO, David Constable, took over in January and is now pivoting the firm’s focus. The idea is to reduce reliance on the energy sector, emphasizing growth markets such as mining, petrochemicals, transportation infrastructure, and government services,” as noted by Barron’s.
– Three, should we see a new major infrastructure bill from D.C., it could be a big win for engineering stocks, like Fluor.

The FLR stock appears attractive at market, as do the FLR April 16, 2021 20 calls.

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