If Fluor executes, it could be on pace to return to prior peak earnings levels of $4.50 per share in just two years, and that's without an uptick in activity from higher oil prices or lower U.S. tax rates, Barclays analyst Adam Seiden tells investors in a research note titled "Closer To An Inflection; A Value Today For Patient Investors Thinking About Tomorrow." The analyst laid out the bull case for the stock but keeps an Equal Weight rating on the name with a $60 price target. He believes Fluor's backlog should bottom Q2 into Q3, which he notes is typically a good read for when to buy E&C stocks.