Credit Suisse analyst Jamie Cook downgraded Fluor to Neutral from Outperform with a price target of $16, down from $21. While the stock is at a 52-week low and appears "cheap," there are too many risks, which in leaves the "incremental buyer on the sideline," Cook tells investors in a research note. Fluor is now undergoing an SEC investigation associated with past accounting and financial reporting focused on reported charges in Q2 of 2019, and the timeline for a resolution is unclear, adds the analyst. Further, the company now plans to keep the government business, which is a major change and leads to questions around the thought process and/or commitment to its long-term strategy, says Cook.