BofA/Merrill analyst Michael Feniger resumed coverage of Fluor with an Underperform rating and a price target of $17 as part of his broader research note into the E&C sector. The analyst notes that the turnaround story around this stock could require "more patience", even though he is positive on the board's efforts following its strategic review to initiate new bidding criteria and change the management. While he sees little downside from current levels, Feniger is also concerned that the growing economic uncertainty could impact Fluor's capital spending plans.