MKM Partners analyst Daniel Scott lowered his price target on Fluor to $48 and kept his Neutral rating after its Q1 results, saying the quarter was once again impacted by a charge around forecast revisions on the company's gas power project. The analyst adds that that the operating margin of 1.1% was below his view of 4.5%, driven by significant underperformance of the Mining, Industrial, Infrastructure & Power segment after Mining was moved out of the Energy&Chemicals division. Scott further cites Fluor's $2.5B in new awards for the quarter, missing his forecast of $3.6B and consensus view of $4.1B, adding that the company needs to report a "couple of clean quarter" and help investors "get comfortable" with the risk profile of the Canada LNG project.