Firm raises their forecasted 2007 and 2008 EPS estimate to $4.20 and $5.20 from $4.00 and $4.90 on higher backlog and margin assumptions to reflect strong first quarter results.
Firm continues to believe that management guidance seems conservative given the robust growth in backlog, and expect that this will lead to upside surprises, particularly in the second half of the year.
Notablecalls: FLR has rallied after initial disappointment in 2007 guidance as the market is starting to understand that the guidance was overly conservative. Note that the management guidance from May 7th was $3.50-3.80 and now Citi is raising their estimate to $4.20!
Smart money has had an opportunity to collect the shares and I'm sure they are using today's call by Citigroup to push the shares higher. I see the stock hitting $105 today easily, potentially going even higher. Early buyers will be rewarded.
FLR 1-yr chart: