DA Davidson analyst Brent Thielman lowered his price target on Fluor to $15 and kept his Neutral rating, saying the SEC investigation into its financial reporting and potential for material revisions pose "significant risks". The analyst also notes that the company's initial FY20 EPS guidance calls for "significant" GAAP loss due to the incremental $119M in impairment and restructuring costs. Thielman adds that the stock could see some near-term support if Fluor's backdated financial filings show limited historical revisions and are submitted at least within a relatively short period beyond March.