After spending time with management, Citi analyst Andrew Kaplowitz labels Fluor as a "work in progress, but moving in the right direction." Given the lag between changing project-related bidding and when these changes positively impact Fluor's income statement, the analyst thinks the company's problem projects "could incur some additional headwind" for several more quarters. However, he sees a "more conservative" Fluor moving forward into 2020 with streamlined businesses, an improved balance sheet, and "still solid" prospects. The current valuation "seems to reflect a broken story that we think can eventually be fixed," says Kaplowitz, who keeps a Buy rating on Fluor.